Even though at a slow pace, but the British Pound is nonetheless approaching the rising support line at 1.5950, which is highly unlikely to let the price fall unhampered.
The currency pair is undergoing a bullish correction at the moment and therefore it is not expected to breach important resistances, such as the one at 1.3423/1.3396 that consists of the monthly S1 level and the 100-day SMA.
Pair seems to be rather turbulent around 0.825. It is not demonstrating willingness to fall lower, but is not capable of advancing higher either.
"The CAD looks better on the crosses. That's consistent with growth looking a little better in North American as a whole and the byproduct of that is that Canada will probably do a little better than those in the global environment."- Canadian Imperial Bank of Commerce (based on Bloomberg) Pair's OutlookPair started the week almost exactly where it ended the last
Pair started the week in a calm manner, but didn't show any bullish intentions and at the moment is trading below the weekly S1.
Pair continues to appreciate after a bounce from the October low/monthly S1 and at the moment is aiming at 55-day SMA/monthly PP.
Last week EUR/USD broke through a major up-trend support, Aug high and the 100-day SMA, meaning the currency pair is now on a long-term bearish path.
Although the Cable remained resilient to the selling pressure at first, it has finally retreated from the monthly pivot point and slid beneath the 55-day SMA.
Although the last two trading days were quite volatile for USD/JPY (last Thursday the difference between the high and low prices amounted to 180 pips), it has managed to settle above the area formed by 20, 55, 100 and 200-day SMAs.
USD/CHF opened this week with an upside gap, indicating that the resistance at 0.9204/0.9189 is now out of the way.
Kiwi-greenback has not yet gained pace after the yesterday's failure at 0.8404, but dip below 0.8265 is almost imminent.
Pair continues to appreciate after receiving a bullish impetus from 20-day SMA.
Pair continue to depreciate after a failure at November high/20 and 200-day SMAs at 0.9543 yesterday.
It seems that the pairs failure at weekly PP/20-day SMA yesterday has been concluded today when it hit weekly S2/monthly S1/October low at 131.28/130.90.
Yesterday USD/CHF has finally overcome the resistance at 0.9128/07 and is already testing another one at 0.9204/0.9192.
At first USD/JPY did in fact move north as expected, soaring as high at the monthly R1 at 99.36. Subsequently, however, it was heavily sold-off.
Unlike EUR/USD, this currency pair did not close a day with a stronger U.S. Dollar.
Lately we have been becoming increasingly concerned whether the pair will really end the bullish trend and start a long-term decline.
The price has just received a bullish impetus after re-testing the upper edge of the wide but nevertheless dense support area at 0.82.
In October USD/CAD bounced off the major bullish trend-line (it has been in force for more than a year already).
Overall it seems that AUD/USD is strongly bearish and in the long-term will target the August low at 0.8845, being that the currency pair has recently encountered a strong resistance area around 0.9713 (50% Fibo retracement of April-August sell-off).
The rising support trend-line the currency pair has been trading near this week predisposed to a rally, as it has been keeping the upward momentum intact since the mid-June.
Having difficulties with the resistance at 0.9128/12 this week the currency pair is failing to start a robust rally that would initially take USD/CHF up to 0.9204/0.9187 and then up to the 200-day SMA at 0.9320.
Right now the U.S. Dollar is well-positioned to venture north.