USD/JPY continues to struggle with the resistance area at 102.09/101.80.
As it turned out yesterday, a rebound from the falling resistance line on Monday was not strong enough to send the pair below the support formed by the monthly PP and the 55-day SMA at 1.6114/1.6066.
Even though the currency pair surpassed the 55-day SMA, the up-trend resistance line that connects the lows reached on Jul 9 and Sep 6 remains intact.
Pair peaked above the weekly PP, but failed to consolidate there due to the failure at the 20-day SMA.
Pair failed to consolidate above the August high yesterday, but seems to be willing to retest it once more after it found support with monthly R1 today.
Despite some bullishness yesterday it seems that the pair's bulls are incapable of pushing the pair higher.
"Any hints on the possibility of a negative deposit rate are worth watching particularly closely after last week's newswire reports suggested this was an option under consideration - probably a more palatable tool than QE for the Governing Council."- BNP Paribas (based on Reuters)Pair's OutlookPair failed to consolidate above the monthly R2 and after looking at short term Stochastic we
Just ahead of the monthly pivot point at 0.9053/47 USD/CHF turned around and started a recovery.
Although not as confidently as before, but still USD/JPY continues its journey towards the May high at 103.74/67.
A re-test of the down-trend resistance line that has been in force since August of 2009 entailed a sell-off. The Sterling has already slipped beneath the weekly PP and is about to hit a cluster of supports at 1.6114/1.6066.
EUR/USD stays trapped between the resistance at 1.3559 and the support at 1.3475/23—neither of these levels the currency pair is currently able to breach.
"New Zealand has a tightening bias, whereas Australia doesn't."- Westpac (based on The Wall Street Journal) Pair's OutlookUnexpectedly the pair is demonstrating bullish bias and seems to be recovering after dipping below the 200-day SMA last week. At the moment it seems to be struggling with the weekly PP. In order to neutralise the potential risk of a pullback it should
Pair failed to consolidate above the August high last week, but maintains bullish bias and has tested it once more today.
Pair started the week in a calm fashion, but it is rather evident it faces substantial downside risk.
Pair continue to demonstrate bullish bias and has peaked above the monthly R1.
While the U.S. Dollar has no trouble appreciating relative to the Yen, the Swiss Franc does not seem to be willing to underperform.
After a brief reprieve last Friday USD/JPY resumed its rally—the price is already testing the resistance represented by the monthly R3 and the weekly R1.
Although we consider 1.6237 to be a major resistance level, being formed by the monthly R1, long-term down-trend and the local peaks, the Cable continues to approach the January high.
Being unable to fully erode the support at 1.3473/23, EUR/USD returned to the resistance at 1.3559.
Pair initially stalled at the 100-daY SMA, but picked up the pace today and is continuing to erode support levels.
Pair maintained it's bullish stance and has tested August high already.
Pair continues to depreciate and at the moment is trading below the weekly S3.
Pair continues to be bullish as it eroded weekly R1. However, it seems to have lost momentum and seems to be just hovering slightly above the mentioned support.
Being unable to pass through the resistance at 0.9169, USD/CHF stepped back from the weekly PP and the 100-day SMA.