Japanese yen leads the gains against the US Dollar.Swiss Franc crosses lose more ground .Canadian...

... dollar crosses gain as Loonie retreats..Previous session overview: Majors made another attempt to recapture the territory previously lost to the US dollar.

EUR/USD * Euro bulls lost the attack against the dollar positions as the charge by
the single currency longs lost momentum after the pair reached the 1.2600 figure. As
the price action remains confined to a tight range, defensive lines remain unchanged
with minor support at 1.2495, a Feb 20 daily spike low. An intermediate support at
1.2460, a July 16 high, continues to defend the major support at 1.2389, an Aug 17
daily spike high from the advances by the dollar longs. In case euro bulls stage
another attack, their advance will meet a minor resistance at 1.2631, a 61.8 Fib of
the 1.1991-1.3667 euro rally. A move deeper in the dollar held territory will
encounter an intermediate resistance at 1.2665, a Nov daily spike low, with a break
above testing the defenses at 1.2730, a Feb 7 daily spike low. Oscillators remain
mixed. Stochastic is oversold on the daily chart at 10.16 and is neutral at 44.21 on
the dealer (4HR) chart. RSI is treading along the oversold line on the daily chart
at 28.32 and remains neutral at 45.39 on the 4-hour chart. MACD remains below zero
line on the daily chart and is slopping upward toward the zero line on the dealer
(4HR) chart.

Key Levels

Level Resistance Details
1.2730 Major Feb 7 daily spike low
1.2665 Intermediate Nov 2 daily spike low
1.2631 Minor 61.8 Fib of the 1.1991-1.3667 euro rally
Level Support Details
1.2495 Minor Feb 20, 2004 daily spike low
1.2460 Intermediate July 16 high
1.2389 Major Aug 17 daily spike high


USD/JPY *Yen bulls succeeded in pushing deeper into the dollar held territory as a
surprise attack by the yen longs against the greenback bulls pushed the pair well
below the 108.00 figure. As the yen bulls continue to press with their attack,
dollar longs will rely on a minor support at 107.08, a 61.8 Fib of the 108.88-104.16
yen rally, with an intermediate support at 106.52, a 50.0 Fib of the Apr-May bull
swing currently defending the 106.00 figure against the incursion by the yen bulls.
A major support is seen at 106.22, 20-day SMA. In case dollar longs stage a
counterattack their initial advance will meet a minor resistance at 107.86, a 78.6
Fib of the Apr-May bull swing, with intermediate resistance at 108.47, an Apr 12
daily spike high currently defending the 108.00 figure. A break in the yen defenses
will most likely see the greenback forces meeting major resistance at 108.88, a 2005
high. Indicators remain mixed. Stochastic remains overbought on the daily chart at
87.45 and is neutral at 39.27 on the dealer (4HR) chart. RSI is dipping below the
overbought line on the daily chart at 60.62 and is neutral at 43.15 on the 4-hour
chart. MACD is crossing above the zero line on the daily chart and is approaching
the zero line from above on the dealer (4HR) chart.

Key Levels

Level Resistance Details
108.88 Major 2005 High
108.47 Intermediate Apr 12 daily spike high
107.86 Minor 78.6 Fib of the Apr-May bull swing
Level Support Details
107.08 Minor 61.8 Fib of the 108.88-104.16 yen rally
106.52 Intermediate 50.0 Fib of the Apr-May bull swing
106.22 Major 20-day SMA

GBP/USD * Sterling bulls charged the dollar positions in a bid to capture some of
their lost territory, but failed to make much progress into the greenback held
territory. As pound longs get ready to launch another offensive, their initial move
will encounter a minor resistance at 1.8359, a May 24 daily spike high. A break in
the dollar defenses will most likely see the sterling bulls meet an intermediate
resistance at 1.8440, a 61.8 Fib of the 1.7752-1.9550 cable rally, with a sustained
breakout coming upon a major resistance is seen at 1.8509, a Feb 8 daily spike low.
In case the pound bulls have to defend their territory against the marauding dollar
bulls, they will rely on a minor support at 1.8195, an Oct 28 daily spike low. An
intermediate support remains intact at 1.8137, a 78.6 Fib of the 1.7752-1.9550 cable
rally, with major support at 1.8086, a July 29 daily spike low continuing to defend
the cable held territory. Oscillators are mixed. Stochastic remains extremely
oversold on the daily chart at 6.32 and is neutral at 33.05 on the dealer (4HR)
chart. RSI is oversold on the daily chart at 22.35 and is neutral on the 4-hour
chart at 45.57. MACD remains below the zero line on the daily chart and is slopping
upward toward the zero line on the dealer chart.

Key levels

Level Resistance Details
1.8509 Major Feb 8 daily spike low
1. 8440 Intermediate 61.8 Fib of the 1.7752-1.9550 cable rally
1.8359 Minor May 24 daily spike high
Level Support Details
1.8195 Minor Oct 28 daily spike low
1.8137 Intermediate 78.6 Fib of the 1.7752-1.9550 cable rally
1.8086 Major July 29 daily spike low

USD/CHF * Swiss Franc bulls made a move against the dollar positions in an attempt
to regain the control of the territory previously lost to the greenback onslaught.
As both sides continue to engage each other, dollar longs will rely on a minor
support at 1.2231, a 5-day SMA, with intermediate support at 1.2197, an Apr 14 daily
spike high currently providing greenback bulls with first two lines of defense. A
major support can be seen at 1.2076, a 50.0 Fib of the 1.2858-1.1288 Swissie rally.
In case dollar bulls launch a counteroffensive against the Swissie positions, they
will meet a minor resistance at 1.2379, an Aug 16 daily low. A move higher will
encounter an intermediate resistance at 1.2447, Sep 30 daily low, with major
resistance at 1.2520, a 78.6 Fib of the 1.2858-1.1288 Swissie rally remaining a key
target for the greenback bulls. Oscillators remained aligned. Stochastic is
overbought on the daily chart at 86.27 and is neutral at 43.56 on the dealer (4HR)
chart. RSI is dipping below the overbought line on the daily chart at 69.65 and is
neutral at 43.56 on the 4-hour chart. MACD is above the zero line on both the daily
chart and slopping downward toward the zero line on the dealer (4HR) chart.

Key levels

Level Resistance Details
1.2520 Major 78.6 Fib of the 1.2858-1.1288 Swissie rally
1.2447 Intermediate Sep 30 daily low
1.2379 Minor Aug 16 daily low
Level Support Details
1.2231 Minor 5-day SMA
1.2197 Intermediate Apr 14 daily spike high
1.2076 Major 50.0 Fib of the 1.2858-1.1288 Swissie rally

USD/CAD * Canadian dollar remained virtually unchanged as the pair continued to
consolidate around the 1.2600 figure, as Loonie bulls seemed captivated by the power
of the 38.2 Fib of the 1.4000-1.1731 Canadian dollar rally. As the price action
ground to a halt, defensive positions remain unchanged from the previous session. US
dollar bulls continue to rely on a minor support at 1.2545, a 20-day SMA, with an
intermediate support at 1.2497, an Apr 18 daily spike low. A major support is seen
at 1.2452, an Apr 20 daily spike high. In case greenback longs resume their attack,
their initial advance will meet a minor resistance at 1.2675, May 20 daily spike
high, with a move deeper into the Loonie held territory encountering an intermediate
resistance at 1.2733, May 16 daily spike high. A major resistance at 1.2776, a Jan 5
2004 daily spike low, remains a key level for the US dollar bulls to conquer as a
breakout will most likely target the 1.3000 figure. Indicators are mixed. Stochastic
is treading below the overbought line on the daily chart at 69.35 and is neutral at
47.22 on the dealer (4HR) chart. RSI is neutral on both the daily chart at 61.24 and
at 45.22 on the 4-hour chart. MACD is about to make a bearish crossover above the
zero line on the daily chart and is treading along the zero line on the dealer (4HR)
charts.

Key Levels

Level Resistance Details
1.2776 Major Jan 5, 2004 daily spike low
1.2733 Intermediate May 16 daily spike high
1.2675 Minor May 20 daily spike high
Level Support Details
1.2545 Minor 20-day SMA
1.2497 Intermediate Apr 18 daily spike low
1.2452 Major Apr 20 daily spike high

AUD/USD * Aussie bulls bulldozed their way through the .7600 figure in the latest
attempt by the Australian dollar longs to recapture the territory previously lost to
the US dollar longs. As the Aussie bulls continue to push their way deeper into the
greenback held territory, they will meet minor resistance at .7650, a 61.8 Fib of
the .7442-.7989 Aussie rally. An intermediate resistance at .7692, a 20-day SMA,
currently defends the major support .7715, a 50.0 Fib of the Dec-Feb Aussie rally.
As Australian dollar longs continue to push their boundaries, their defensive
positions have shifted with minor support at .7558, 78.6 Fib of the Dec-Feb Aussie
rally. An intermediate support at .7527, Dec 16 daily spike low, currently defends
the major support at .7502, a 2005 low. Oscillators are mixed. Stochastic is
oversold on the daily chart at 14.12 and is treading below the overbought line at
62.96 on the dealer (4HR) chart. RSI is neutral on the daily chart at 38.6 and is
neutral at 53.72 on the 4-hour chart. MACD remains below the zero line on the daily
chart and is crossing above the zero line on the dealer (4HR) charts.

Key Levels

Level Resistance Details
.7715 Major 50.0 Fib of the Dec-Feb Aussie rally
.7682 Intermediate 20-day SMA
.7650 Minor 61.8 Fib of the .7442-.7989 Aussie rally
Level Support Details
.7558 Minor 78.6 Fib of the Dec-Feb Aussie rally
.7527 Intermediate Dec 16 daily spike low
.7502 Major 2005 Low

NZD/USD * New Zealand dollar managed to push the US dollar bulls further above the
.7100 figure in the latest bout of the US dollar bearishness. As the Kiwi bulls
continue to push deeper into the greenback territory they will meet a minor
resistance .7149, a May 24 daily spike high. A move further will encounter an
intermediate resistance at .7152, 50.0 Fib of the .6900-.7468 Kiwi rally. Major
resistance remains intact at .7225, a 20-day SMA. As Kiwi bulls continue to attack
the US dollar positions, they will rely on a minor support at .7046, May 16 daily
low. An intermediate support remains at .7020, a 78.6 Fib of the .6900-.7468 Kiwi
rally and continues to defend the major support at .6971, a Feb 9 daily spike low.
Indicators are mixed. Stochastic is oversold on the daily chart at 13.1 and is
neutral at 63.78 on the dealer (4HR) chart. RSI continues to tread above the
oversold line on the daily chart at 38.39 and remains neutral at 54.87 on the 4-hour
chart. MACD is crossing below the zero line on the daily chart and is slopping
upward toward the zero line on the dealer (4HR) chart.

Key Levels

Level Resistance Details
.7215 Major 20-day SMA
.7182 Intermediate 50.0 Fib of the .6900-.7466 Kiwi rally
.7149 Minor May 24 daily spike high
Level Support Details
.7046 Minor May 16 daily low
.7020 Intermediate 78.6 Fib of the .6900-.7466 Kiwi rally
.6971 Major Feb 9 daily spike low

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