Today the pair jumped above the 100-day SMA at 1.0984, after trading below it for approximately six days.
The Aussie has tried to break the monthly R1 at 0.9412 for a second straight day; however, unsuccessfully.
The pair stopped its advance around the weekly PP at 140.81 and it is still trading below the 55-day and 100-day SMA.
Despite the bearish outlook implied by the weekly and monthly technical studies, USD/CHF turned around ahead of the monthly S1 and it is now challenging the monthly PP.
The support area around the level of 101.29/19 proved to be of great significance to the market, as it has once again prevented further depreciation of the U.S. Dollar.
Though the Cable has just encountered the Feb high, the sell-off from this level turned out to be short-lived.
EUR/USD did not manage to close a downside gap yesterday, instead at the moment it gravitates towards the monthly pivot point at 1.3815.
The Kiwi is consolidating around the weekly PP at 0.8669, after last week, when the pair set a new more than a three year high at 0.8745.
Past week the pair fluctuated between 1.1000 and 1.0860; however, at the end of the week it closed almost at the same level it opened.
Previous week the Aussie reached a four month high at 0.9461 against the U.S. peer, after reaching this level the pair slid below the monthly R1 at 0.9412.
Last week the pair lost approximately 100 pips and fell below the 20-day, 55-day and 100-day SMA.
After an explicitly bearish week there is a fairly high chance of a correction.
In order for USD/JPY to preserve a bullish bias, it is required to rebound from 101.27/19, the key support area that consists of the rising trend-line, 200-day SMA and 50% retracement of the November-December up-move.
Although GBP/USD received a strong bearish impetus after a test of the February's high, today the currency pair is not keen on declining, as it seems to have found support at 1.6704 (weekly PP).
Friday's price action and a large downside gap confirmed an assumption that there is a formidable resistance area between 1.39 and 1.395.
The kiwi performed well this week and set a new yearly high at 0.8745 yesterday.
This week we have seen AUD/USD advancing: it has broken weekly R1 and R2 (0.9328 and 0.9369) and at the moment the rate is oscillating just below the monthly R1 at 0.9412.
This week USD/CAD prolonged the decline, falling as low as 1.0857—the lowest level since the beginning of the year.
This week the Euro declined against the Yen; however, today there was been a slight gain and the currency is trading above the weekly S1 at 140.78.
USD/CHF maintains the course south. If it closes lower today as well, it will be a fifth bearish candle in a row.
The monthly S1 level, which had the potential to stop the sell-off from 104, was breached.
As suspected, an initial test of the resistance at 1.6822/1.6786 turned out to be unsuccessful.
EUR/USD continues to advance. It has just breached the weekly R2 and is about to hit the down-trend resistance line that connects peaks of the past six years.
The pair has set new more than a three year high again at 0.8745, after yesterday's rally.