As expected, the US currency gained enough bullish momentum to start rising, as the pair breached the weekly pivot point and 20-day SMA around 0.95 and decided to advance further.
The currency pair is decisively moving to its long-term goal at 110, as yesterday the US Dollar stabilised around the weekly resistance at 109.
The strong supply area around 1.62 managed to stop bulls from pushing the exchange rate higher and the British currency lost considerable ground against the Buck, fuelled by news from the Fed.
The single currency dropped against the US Dollar for the first time in four days yesterday, as the Fed announced the end of its stimulus program.
Today we might see the pair advancing for fourth consecutive day if it does not loose its bullish steam in the upcoming hours.
The pair's retreat was extended towards the weekly S2 at 1.1128, the greenback has lost more than 100 pips against the Canadian peer through last two days.
The Aussie continued to outperform the US counterpart today, even more the pair reached the highest level this month at 0.89.
Since the last time of writing the pair has surpassed both the 55 and 100-day SMAs and the 50% Fibo level, meaning that the pair might be poised for a further gains.
Since USD/CHF has finally reached a major support, the US Dollar is supposed to stabilise near 0.9450 and start gaining an upward momentum.
Despite the elevated risk of 108 failing to keep USD/JPY afloat, in the end the support managed to fend off the bears.
Although the four-month down-trend at 1.61 is no longer a ceiling, the dense resistance at 1.62 should be more than enough to prevent more weakness in the US Dollar.
The European currency strengthened against the Buck yesterday, thus breaking the resistance at 1.27.
Already starting from the previous Friday the pair is on a healthy recovery from the Wednesday‘s drop that sent the pair below the 0.79 mark.
The USD/CAD has slumped below the weekly S1 at 1.1184, after the pair received a informational shock that dragged it lower.
The Aussie reached the second highest level this month at 0.8882 today, after opening above the 0.88 mark.
Today the pair has retained its position above the 38.2% Fibo and it even approached the 55 and 100-day SMAs at 137.50/57.
USD/CHF continues to retreat, as there are no significant support levels until 0.9450, where demand is implied by the 23.6% retracement of May 8-Oct 3 up-move.
For the time being the demand at 108 is acting as a support.
Yesterday the Cable was trading at the multi-month down-trend and most of the technical indicators were bearish.
The Euro keeps grinding higher—the pair has already reached the initial resistance at 1.27 represented by the weekly pivot point and 20-day SMA.
The major level at 137 has been one the most reliable resistance levels lately; however, it seems that it is not as good support level.
The Kiwi is trying to recover as much as possible of the last week's losses, when the pair dropped more than 100 pips on Wednesday.
USD/CAD has not been the most volatile currency pair in the recent trading days; although, after the current consolidation it could pick up the pace.
The Australian Dollar's movements has been rather ambiguous lately, even though the AUD/USD bulls continue to form attacks towards the 0.88 mark it is not likely to be breached.