For the time being the weekly PP seems to be providing enough support for the Cable to stay afloat.
A group of resistances that gathered around the monthly pivot point at 1.3630 failed to prevent appreciation of the Euro against the U.S. Dollar.
The pair continues to surprise on the upside as today new high was set at 0.8818.
The pair failed to breach the weekly R1 at 1.0693 yesterday and since then it has slipped towards the 2011 high and weekly PP at 1.0658/57.
The pair is struggling to trade above the 20-day SMA and weekly PP at 0.9398/99 that it breached a day earlier.
After yesterday's decline the pair received a bullish impetus from the weekly S1 at 138.16 today.
Although there still seems to be a chance of the 200-day SMA acting as the support, the daily indicators suddenly turned heavily bearish.
In order to reinstate itself as a bullish pair USD/JPY had to close above the up-trend and 100-day SMA.
Regardless of the bullish outlook implied by the technical studies, the Cable remains flat, trading some 100 pips north from 2009 high.
The Euro is currently undergoing a correction after a July decline.
NZD/USD extends the advancement initiated after the currency pair received a forceful impetus from the 200-day SMA.
USD/CAD has just hit one of the major upward-sloping trend-lines, and the bullish momentum is therefore expected to gain traction in the nearest future.
The pair keeps respecting the seven-month rising support line, meaning the bias with respect to the Aussie stays bullish.
EUR/JPY continues to put pressure on the 50% Fibo of the Nov-Dec rally.
USD/CHF effortlessly pierced through the resistance at 0.8937/18 last week, which initially was supposed to keep the bulls at bay.
USD/JPY continues to put pressure on the recently breached up-trend and 100-day SMA but for now to no avail.
Even though a majority of the technical studies are currently giving ‘buy' signals, the Cable remains unable to resume its recovery.
EUR/USD preserves robust downward momentum and the pair is about to hit the weekly and monthly S1 at 1.3563/47.
Pair remains depressed under 88 cent mark.
It seems that neither bulls nor bears have the strength to push the pair noticeably to either side.
As anticipated we are seeing some profit taking at the moment as the pair is being capped between 55-day SMA ad weekly S1/monthly PP.
The pair failed to maintain momentum and dipped below the weekly R1/monthly PP today.
Dukascopy Aggregate Technical Indicator for 30 min and 1H time frame charts for major pairs for the last 144 periods till 15:30 GMT.
The yesterday's events have greatly influenced the balance of powers in USD/CHF.