At the second part of the last week the pair gained some bullish momentum and broke monthly R1 at 1.1197.
Pair is demonstrated increased levels of volatility today, but seems to have stabilized and at the moment is posing to reach new 2014 high.
Pair started the week at the last week's closing level and peaked till weekly R1.
The exchange rate has successfully breached the down-trend resistance line at 0.88 and is therefore set to continue the rise, even though many of the technical indicators are presently bearish.
As expected, before re-challenging the 55-day SMA, USD/JPY returned back to the support at 102.
Given that that the Sterling has fallen beneath 1.65, there is a good chance that the bearish momentum has not yet been fully exhausted.
EUR/USD, despite its explicitly poor performance during the second part of the last week, seems to have stabilised at 1.38, namely at the major down-trend support line.
Throughout this week the pair has fluctuated between monthly R1 and weekly R1; however, at the moment it is trading right where it started on Monday.
USD/CAD has depreciated today, after it could not find a way how to trade above weekly R3 at 1.1262 for a third straight day.
Pair found support around 90 cent mark after failing slightly above 91 cent mark few days back.
Pair is starting to demonstrate bearish bias. As a consequence we could expect it to start the new trading week below the 100-day SMA.
As it turned out, the 1,5-month up-trend support line was not enough to prevent extension of the latest dip.
The Cable is testing a formidable support zone near 1.65 at the moment, which is mainly created by the 2011 highs and the 100-day SMA.
Although previously the 55-day SMA did not seem to play an important role in determining direction of USD/JPY, for the past two days it has been preventing further advancement of the currency pair.
USD/CHF is currently eroding the one of the key resistance levels.
It seems that the pair has lost its bullish momentum and we saw a notable decline yesterday.
USD/CAD has extended its advance and at the moment it is trading around weekly R3 at 1.1262.
Pair failed to consolidate above 91 cent after reaching 2014 high yesterday and plummeted below 90 cent mark.
As expected pair continues to show no bias and trades sideways.
USD/CHF has finally reached the upper edge of the falling wedge, meaning it is now close to exiting the pattern and commencing a robust long-term recovery.
As the U.S. Dollar strengthened across the board, the resistance near 102 failed to contain the pair and thereby opened a path towards 103.01/102.78—the monthly R1 and the 100-day SMA.
Being that GBP/USD has finally left the boundaries implied by the rising wedge pattern, which was originated in the first half of 2013, there is a strong case for a strong sell-off.
EUR/USD did not manage to sustain the rally and plunged down to the up-trend support line that has been in force since the beginning of February.
After yesterday's advance the pair has little changed and it is trading around weekly R1 at 0.8614.