EUR/USD - Euro bulls managed to gain momentum to the upside as they pushed the pair above the 1.1800 handle. In case the single currency long managed to hold the 1.1800 figure, the next move to the upside will most likely see the single currency head higher and test the dollar defenses around 1.1863, a level established by the 23.6 fib of the 1.2588-1.1639 EUR rally. A further move to the upside will most likely see the single currency bulls push their way toward the psychologically important 1.2000 handle, a level that is being defended by the key 38.2 Fib of the 1.2588-1.1639 EUR rally at 1.2001. Indicators are favoring dollar longs with both momentum indicator and negative MACD below the zero line, while neutral oscillators give either side enough room to maneuver.

USD/JPY - Japanese Yen longs once again staged a counterattack against the dollar longs and pushed the pair below the 119.00 handle. A further move to the downside will most likely see the pair head toward the 118.00 figure, and with sustained momentum to the downside most likely seeing the yen long push their way toward the 117.05, a level defended by the 23.6 Fib of the 108.76-119.61 USD rally. A further advance by the yen longs will most likely see the yen bulls test the dollar bids around 115.46, a level established by the 38.2 Fib of the 108.76-119.61 USD rally. Indicators remain supportive of the dollar longs with both momentum indicator and MACD treading above the zero line, with ADX above 25 at 42.30 signaling an existence of a maturing trend, not a direction of one, while overbought Stochastic gives the yen longs a chance to retaliate and retrace part of the dollar rally.

GBP/USD - British pound bulls decided to launch a decisive counterstrike against the greenback counterparts and pushed the pair above the 1.7200 handle. In case the cable longs manage to hold the 1.7200 level and push the pair higher, a move deeper into the dollar held territory will most likely see the pair head higher and aim for the dollar defenses above the 1.7400 handle at 1.7408, a level marked by the 23.6 Fib of the 1.8500-1.7071 USD rally. A further move to the upside will most likely see the pair head higher and with successful break above the psychologically important 1.7500 figure taking on the dollar defenses around 1.7619, a level established by the 38.2 Fib of the 1.8500-1.7071 USD rally. Indicators are favoring dollar longs with both momentum indicator and negative MACD below the zero line, while extremely overbought Stochastic gives the sterling longs a chance to retaliate.

USD/CHF - Swiss Franc longs managed to follow through with their counterattack and pushed the dollar bulls toward the 1.3100 handle.  A further move to the downside will most likely see Swissie bulls test the dollar bids around 1.3045, a level established by the combination of the 20-day SMA and the 23.6 Fib of the 1.2240-1.3285 USD rally, which currently acts as a gateway toward the psychologically important 1.3000 handle. A sustained momentum to the downside will most likely see the Swiss Franc longs push their way below 1.3000 and take on the greenback defenses around 1.2929, a level marked by the October 31 daily high. Indicators remains in favor of the dollar longs with both momentum indicator and positive MACD above the zero line, while overbought Stochastic gives the Swissie longs a chance to retaliate.

USD/CAD - Canadian dollar bulls once again managed to push deeper in the territory held by the US dollar longs as pair fell below the 1.1800 handle. A counterattack by the greenback longs will most likely see the US dollar bulls test the Loonie defenses around 1.1853, a level marked by the 23.6 Fib of the 1.2730-1.1592 CAD rally. A sustained momentum on the part of the greenback longs will most likely see the pair head toward the 1.2000 figure and with a break to the upside testing Loonie's defenses around 1.2027, a level established by the 38.2 Fib of the 1.2730-1.1592 CAD rally. Indicators are favoring dollar longs with both momentum indicator and positive MACD above the zero line, while neutral oscillators give either side enough room to maneuver.

AUD/USD - Australian dollar bulls continued to strike at the greenback defenses after their initial attack managed to push the pair against the US dollar defenses around .7385, a level established by the 23.6 fib of the .7798-7267 USD rally. In case the Aussie longs decide to once again test their luck and attempt capturing the .7400 handle, a break above .7385 most likely see the pair test the greenback bids around .7458, a level marked by the 38.2 Fib of the .7798-7267 USD rally. Indicators are signaling trending conditions with ADX above 25 at 29.37, signaling an existence of a trend, not a direction of one, while both momentum indicator and negative MACD remain below the zero line, with oversold Stochastic adding to the trending outlook.

NZD/USD - New Zealand dollar bulls finally managed to push the pair above the .6900 figure, and broke above the US dollar defenses around .6930, a level established by the October 19 daily low. A sustained momentum on the part of the Kiwi longs will most likely see the pair head higher and test the greenback defenses around .6984, a level marked by the 38.2 Fib of the .7468-.6681 USD rally, which currently acts as a gateway to the psychologically important .7000 handle. A subsequent reversal will most likely see the pair once again collapse toward the .6900 handle.  Indicators remain in favor of the US dollar bulls with both momentum indicator and negative MACD remain below the zero line, while neutral oscillators give either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.