By DailyFX - EUR/USD * Euro bulls managed to push the pair above 1.2115, a level defended by the 50.0 Fib of the 1.2588-1.1639 USD...

... rally.


A further move to the upside will most
likely see EUR/USD head toward 1.2227, a level marked by the 61.8 Fib of the
1.2588-1.1639 USD rally. A sustained momentum on the part of the euro bulls will
most likely see the pair head higher and target offers around 1.2226, a level marked
by the January 25 daily high. However in case dollar longs manage to push the pair
below 1.2000 handle, a further advance by the dollar longs will most likely see the
pair head lower target euro offers around 1.1932, a level marked by the December 28
daily high and with further advance on the part of the dollar trader seeing the pair
head below 1.1900 figure and target bids around 1.1864, a level defended by the 23.6
Fib of the 1.2588-1.1639 USD rally. Indicators are favoring Euro longs with both
positive momentum indicator and MACD treading above the zero line, while neutral
oscillators give either side enough room to maneuver.


USD/JPY * Japanese Yen longs continued to consolidate within a tight range as
USD/JPY rested in top of the bids around 117.35, a level marked by the 23.6 Fib of
the 104.16-121.46 USD rally. A further move on the part of the yen longs will most
likely see USD/JPY head lower and target 116.00 figure, a level defended by the
January 17 daily high at 115.93. A further move to the downside will most likely see
USD/JPY extending its decline toward the psychologically important 115.00 handle, a
level protected by the 38.2 Fib of the 104.16-121.46 USD rally and 200-day SMA at
114.90. However in case greenback longs manage to push the pair back above 118.00, ,
a further move to the upside will most likely see the pair head higher and target
yen offers around 118.17, a level marked by the December 30 daily high. A further
move to the upside will most likely see the pair extend its gains above 119.00
figure and target offers around 119.39, a level established by the February 3 daily
high. Indicators are favoring yen bulls with both negative momentum indicator and
negative MACD treading below the zero line, while neutral oscillators give either
side enough room to maneuver.


GBP/USD * British pound longs once again tested the bids around 1.7399, a level
established by the 23.6 Fib of the 1.8500-1.7048 USD rally after dollar bulls pushed
the pair lower. A move above 1.7400 will most likely see sterling longs target the
psychologically important 1.7500 handle, a level defended by the 50-day SMA and with
a further move to the upside targeting dollar offers around 1.7603, a level marked
by the 38.2 Fib of the 1.8500-1.7048 USD rally. However in case dollar longs manage
to keep the price action on their side, a decline below 1.7311, a March 24 daily low
will most likely see GBP/USD target 1.7281, a level defended by the February 14
daily low. A sustained momentum on the part of the dollar traders most likely seeing
GBP/USD head lower and target sterling bids around 1.7188, a level marked by the
January 3 daily low. Indicators are mixed with positive momentum indicator diverging
from negative MACD treading below the zero line, while neutral oscillators give
either side enough room to maneuver.


USD/CHF * Swiss Franc bulls once again found themselves testing offers below 1.3040,
a level marked by the 23.6 Fib of the 1.2240-1.3285 CHF after failing to push the
pair below the psychologically important 1.3000 handle, a level defended by the
November 28 daily low, As Swiss Franc longs resume their advance, a sustained
momentum on the part to the downside will most likely seeing the pair extend its
decline toward 1.2885, a level created by the 38.2 Fib of the 1.2240-1.3285 CHF
rally. However in case dollar bulls manage to regain the control of the price action
and push the pair above 1.3100, a further move to the upside will most likely see
USD/CHF head higher and target offers around 1.3201, a level defended by the
December 30 daily high. A further move to the upside will most likely see the pair
head toward 1.3285, a level established by the 2005 High. Indicators are mixed with
negative momentum indicator diverging from positive MACD treading above the zero
line, while neutral oscillators give either side enough room to maneuver.


USD/CAD * Canadian dollar bulls succeeded in pushing the greenback longs below
1.1638, a level marked by the 23.6 Fib of the 1.2799-1.1297 CAD rally, but
temporarily stalled around 1.1600 figure. As Loonie longs resume their advance, a
further move to the downside will most likely see USD/CAD once again target the
1.1500 figure. a level defended by the March 16 daily low at 1.1512. In case US
dollar longs manage to takeover the price action, a move above 1.1700 will most
likely see the pair target Loonie offers around 1.1748, a level marked by the
January 9 daily high. A sustained upside momentum will most likely see USD/CAD
advance above 1.1800 figure and with further momentum targeting 1.1848, a level
defended by the 38.2 Fib of the 1.2799-1.1297 CAD rally. Indicators are favoring
dollar bulls with both positive momentum indicator and positive MACD treading above
the zero line, while neutral oscillators give either side enough room to maneuver.



By DailyFX