Level at 76.92 remained intact and is expected to provide formidabble resistance in the coming days. In the next hours USD/JPY is likely to move slightly lower, to 76.73.
The Cable slowly erodes resistance zone at 1.5858/68. It is important to note that the pair is forming an ascending triangle on an hourly chart.
Along with EUR/USD, the Euro - Japanese Yen currency pair advances. At the moment it struggles at 101.54/80 resistance area and is unlikely to extend its movement above 102.22 in the short-term.
At 13:00 GMT EUR/USD commenced its rally and has already pierced through a cluster of resistances at 1.3172/77 and a subsequent level at 1.3214 as well. Bullish momentum is expected to last for some time, though 1.3286 should cap the pair.
USD/CHF is expected to erode resistance at 0.9250 and then remain on its course towards higher levels - 0.9317 (55 day ma) and 0.9595. From below the pair is supported by 0.9112, 0.9080 and 0.8990.
USD/JPY is gradually recovering from 76.00 support. Resistances at 76.87 and 77.16 will stand in its way, hampering bullish movement. Dips below 76.00 should be limited by supports at 75.30 and 75.00.
The Cable has recently stalled near resistance at 1.5887, however, bullish bias persists. As soon as this line is penetrated, GBP/USD should surge up to 1.5945 (200 day ma) with the possibility of climbing up to 1.6168.
Current bullish correction is likely to last until 101.15 (55 day ma) is reached. Afterwards EUR/JPY should recommence declining down to its long-term goal at 95.00 while being capped by 102.55/60 resistance.
Key resistance area for EUR/USD at 1.3250/80 is expected to halt near-term rallies. In case it is breached, further levels at 1.3436 and 1.3627 will be targeted by the pair. Dips should be limited by a support situated at 1.3000.
The Yen is strengthening against major currencies suggesting that investors still regard it as safe-haven.
Despite European investor confidence rise to a seven-month high in February and soothed credit-crunch concerns, the euro continues depreciation against the greenback.
USD/CHF is expected to bounce off 0.9080 and commence recovering. Even though resistances at 0.9250 and 0.9340 cap the pair from above, a long-term target at 0.9595 should be reached.
USD/JPY managed to hold above 76.00 and is now surging. Level at 76.55 is already cleared and the pair is aiming for 76.85. In case 76.85 is overcome, 77.15 (55 and 100 day ma) will be targeted next.
GBP/USD has rebounded from 1.5890 as part of its bearish correction. The immediate support is located at 1.5730, followed by 1.5640. As long as these levels are not violated, the bias should remain bullish.
EUR/JPY is attempting to base around 99.00/98.90. In the meantime, rallies are unlikely to extend above 55 day ma at 101.21 and additional resistance at 102.55/60. Below 99.00/98.90 the pair will target 97.04.
In the short-term EUR/USD is likely to slide down to 1.3250/80. A close below this support would encourage further bearish action, which may last up until 1.3000. On the other hand, should 1.3250/80 withstand, the pair will commence recovering and return back to 1.3435.
The pair hit the daily forecast mean at 0.9167 on strong US employment data.
The Japanese yen weakened versus the American dollar today on solid non-farm employment change in the US (243K act./150K est.), crossing the 76.18 target.
The British pound contied moving in the bullish trend on strong Services PMI (56.0 act./53.5 est.) and pierced the daily target (1.5815).
The shared European currency edged over the Japanese yen as the Italian preliminary monthly CPI rose in January (0.3% act./0.2% est.), the market participants' mean was pierced today (100.11).
At the moment EUR/JPY is capped by a resistance zone at 102.55/60 and is unlikely to breach this level in the short-term. The initial support is at 101.00/100.75, followed by lines at 98.90 and 97.04.
EUR/USD commenced a short-term correction on a surprise decline of the US unemployment (8.3% act./8.5% est.) and cross the daily forecast mean at 1.3142.
The American Dollar - Swiss Franc currency pair is anticipated to remain stable near a tough support situated at 0.9080. Should USD/CHF pierce though 0.9244 in the medium term, it may then climb as high as 0.9340 or even 0.9595 as a result.
Support line at 76.00 has managed to withstand bearish pressure up until now. Nonetheless, a possibility of a dip down to 75.30 or 75.00 cannot be ruled out. Resistances are at 76.55 and 77.20.