Even though the Cable has gone through the major support line in the beginning of the week, its magnitude is too strong to let the price easily fall down.
The major currency pair slipped below the 20-day SMA yesterday, as the price finally pulled away from a flat zone at 1.3584/54.
The resistance area at 0.8499/62 has once again proved its topicality, sending the price through a number of support levels straight to the bullish trend-line.
"In all honesty (the Canadian dollar) is probably sidelined as everybody is watching the ECB and their attitude to the exchange rate and potential policy changes."- RBC Capital Markets (based on Reuters)Pair's OutlookUSD/CAD stays directionless, as a current strong supply of the U.S. currency keeps the spot price close to the confluence of all four traced simple moving averages. Given
Following a precipitous fall from a high of 1.0457, the currency pair has taken a pause just above 1.0312/04.
The resistance at 128.65/127.94 has forced the pair to step back after the initial test.
For the last five months USD/CHF has been clearly trading within the bearish channel.
A breach of the upper edge of the rising channel pattern we were following since Nov 1 only adds to bullishness of the pair, which is currently attempting to erode a combination of the weekly and monthly R1 at 93.70/52.
The fact that the Cable has closed below the major up-trend support line implies continuation of a decline even further, supposedly towards 1.5419, the most likely point of contact with the falling trend-line.
EUR/USD carries on consolidating just above 1.3485/53, failing to decisively overcome the force of gravity exhibited by this support lately.
After touching 0.8475 on Monday pair has been range bound between 0.847 and 0.840.
Although technical indicators send a very strong aggregate signal and market sentiment is strongly bullish, last few days suggest that pair is lacking catalyst to help the bulls to kick the pair up in to higher gear.
As 100-day SMA yesterday, 200-day SMA today did not provide enough support and pair dipped approximately 100 pips already and is hovering slightly above 1.03 supported by weekly S2.
Pair did not manage to advance far and at the moment is hovering below 127.
Last few trading sessions were very calm and the price fluctuated in a narrow range with a bottom line at 0.9078.
USD/JPY is set to attain a new high, as the price has reached a 94.00 benchmark and peaked at 94.05.
GBP/USD breaches an up-trend, which has a beginning in the last months of 2008.
The major currency pair demonstrates strong bullish sentiments. Yesterday the price slipped down to the weekly S1 level at 1.3469, but just for a short period of time.
The selling has fully set in and is probable to drive the price even lower.
USD/CAD is hesitantly stepping upwards, following a short consolidation phase.
The 100-day SMA was unable to restrain the currency for long and has finally allowed for a dip down to the 200-day SMA at 1.0382, which has a higher chance of preventing additional losses of the Aussie in the future.
Surprisingly, the price did not even have to return back to 123.29/122.86 in order to restore the bullish momentum, but recommenced a recovery soon after hitting a weekly pivot at 124.91.
Last few weeks were really good for the Swiss Franc, as it sharply appreciated and reached a 9-month high.
USD/JPY experienced a down-side correction yesterday, as the price sharply exceeded the upper line of the Bollinger band.