USD/CAD is currently undergoing a bearish correction after a test of 1.14.
Neither the bulls nor bears are able to take control of the pair—it keeps oscillating within the range created by the 2014 low from the downside and by the 23.6% Fibo retracement from the upside.
Despite EUR/JPY breaking the two-month down-trend that connects the Sep 19 and Oct 9 peaks, the pair is still facing strong selling pressure.
USD/CHF failed to gain a foothold above 0.9450—it has already nullified the progress made during the last two days of the previous week.
Despite the absence of any notable levels USD/JPY came under strong selling pressure and as a result, retreated back to a cluster of supports at 106.80/60.
Although the four-month down-trend at 1.61 was supposed to keep the downward momentum intact, yesterday it was breached to the upside.
EUR/USD respected an accelerated up-trend that connects the lows seen on Oct 6 and 15, and the pair is now moving higher.
Gradual; however, insistent, this is how we could describe the current NZD/USD advance towards the psychological level at 0.80.
The US Dollar slid below the weekly PP at 1.1287, after the week, when a new this year's high was set at 1.1386.
AUD/USD hovers in more or less the same trading range where it did in the last week, namely around the 0.8750 level.
The EUR/JPY cross opened above the last week's closing price yesterday; however, today it dipped towards July Low at 136.37.
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The first half of October was marked with poor performance of the US Dollar against the Franc, but now the currency pair managed to settle above 0.9450—a positive sign for the bulls.
Not only did the demand between 106 and 105.50 refuse to let USD/JPY to retreat more, but it also initiated a rally that resulted in a breach of an important resistance at 106.70.
The Cable keeps trading right beneath the four-month down-trend, meaning the downside risks are currently elevated.
Although there is an immediate resistance level at 1.2786, represented by the monthly pivot point, the supply between 1.29 and 1.2850 is more likely to act as a ceiling this week.
NZD/USD has slipped slightly through the last two trading days, after the pair reached the highest level in October on Wednesday.
As expected the pair was not able to sustain that high trading levels as we saw on Wednesday and Thursday; however, USD/CAD has still appreciated this week.
The Australian Dollar has little changed through the last two trading days, after the AUD/USD cross gained on Wednesday.
Just yesterday the pair set a new this year's low at 134.14; although, much has changed since then, as the pair has reversed all of its losses and hovers around the weekly PP at 136.40.
USD/CHF had to travel all the way to 0.9360 to find a significant support, which turned out to be the 55-day SMA and weekly S2.
While the 55-day SMA and 23.6% Fibo were unable to underpin the pair, a joint effort of the monthly S1 and 50% retracement kept the US Dollar from losing even more ground.
Since there were no significant resistances nearby, GBP/USD managed to extend the rally from 1.5850.
As expected, the supply at 1.2850 (23.6% Fibo) was sufficient to prevent further appreciation of the Euro.