EUR/USD - Euro bulls once again found themselves on the receiving end of the dollar move with the pair testing the bids below the 1.1900 figure. As dollar longs once again push the pair lower, a breakdown below 1.1865, a level marked by the 23.6 Fib of the 1.2588-1.1639 USD rally, a further move to the downside will most likely see the greenback longs target single currency bids around 1.1778, a level established by the December 30 daily low. A sustained momentum on the part of the dollar bulls will most likely see the EUR/USD break below the 1.1700 figure and target 1.1639, a level established by 2005 low and currently acts as a gateway toward the psychologically important 1.1500 handle. A further move below the 1.1500 figure will most likely signal that a dollar dominated trend is underway which will most likely see the pair decline toward 1.1000. Indicators are favoring dollar longs with both negative momentum indicator and MACD trading below the zero line, while neutral oscillators give either side enough room to maneuver.

USD/JPY - Japanese Yen longs continued to push the pair lower after launching a massive countermove against the dollar bulls, and managed to break below the greenback bids around 117.35, a level established by the 23.6 Fib of the 104.16-121.46 USD rally. As yen longs continue to push the pair lower a failure to break below 116.78, a level marked by the 50-day SMA will most likely see the greenback longs launch a massive countermove of their own and once against push the pair higher.  In case dollar traders manage to push the pair back above 117.00 figure and reclaim offers around 117.35, a next move to the upside will most likely see the pair head higher and test the yen offers around 118.01, a level defended by the 20-day SMA. A further move to the upside will most likely see USD/JPY target the offers around 119.93, a level defended by the November 28 daily high and with a move above the psychologically important 120.00 handle target the yen offers around 121.39, a level marked by the 2005 High. Indicators are favoring the dollar longs with both positive momentum indicator and MACD above the zero line, while neutral oscillators give either side enough room to maneuver.

GBP/USD - British pound longs managed to push the pair above the psychologically important 1.7500 handle only to find an active dollar presence and hastily retreated toward the 1.7400 figure. As dollar bulls continue their attack and push the pair below 1.7391, a level defended by the 23.6 Fib of the 1.8500-1.7048 USD rally, a further move to the downside will most likely see GBP/USD collapse toward 1.7312, a level marked by the July 8 daily low. A sustained downside momentum will most likely see the greenback bulls extend their rally below the 1.7200 figure and target pound bids around 1.7188, a level established by the January 3 daily low. A a sustained move on the part of  the dollar traders will most likely see the pair aim for 1.7048, a level defended by the November 11 daily low, breaking of which will most likely see the pair gain additional momentum and head below the psychologically important 1.7000 handle and target the next potential support around 1.6900 figure, a level not seen since October of 2003. Indicators are favoring dollar longs with both negative momentum indicator and MACD trading below the zero line, while neutral oscillators give either side enough room to maneuver.

USD/CHF - Swiss Franc bulls joined the rest of the majors in a failed attempt to recapture key levels only to find themselves on the receiving end of the greenback counterattack after failing to break below 1.3042, a potential support established by the 23.6 Fib of the 1.2240-.13285 USD rally. As dollar bulls resume their advance, a breakout above the 1.3201, a level established by December 30 daily high will most likely see the pair test Swissie's offers around 1.3285, a level established by the 2005 high. A confirmed break above the trading range's high will most likely see the pair aim for the next psychologically important 1.3500 handle, a level defended by the Swiss Franc offers around 1.3446, an October 17, 2003 daily high. Indicators are favoring the dollar longs with both positive momentum indicator and MACD above the zero line, while neutral oscillators give either side enough room to maneuver.

USD/CAD - Canadian dollar bulls failed to keep the psychologically important 1.1500 handle, a level defended by the 20-day SMA after US dollar longs launched a countermove and broke above 1.1500. As greenback traders continue their advance a further move o the upside will most likely see the USD/CAD head above the 1.1613, a level defended by the February 14 daily high and target Canadian dollar offers around 1.1697, a level established by the 23.6 Fib of the 1.2733-1.1373 CAD rally. A further advance on the part of the US dollar longs will most likely see the pair retreat toward the 1.1800, a level defended by the January 19 daily high at 1.1797. A further break to the upside will most likely see the US dollar traders target the Canadian dollar offers around 1.1893, a level defended by the 38.2 Fib of the 1.2733-1.1373 CAD rally, which also acts as a gateway toward the psychologically important 1.2000 handle. Indicators are mixed with positive momentum indicator diverging from negative MACD, while neutral oscillators give either side enough room to maneuver.

AUD/USD - Australian dollar bulls remained below. 7411, a level marked by the 23.6 Fib of the .7798-.7236 USD rally after the Aussie longs failed to push the pair higher toward .7433. As US dollar longs once again test Aussie bids, a break below .7321, a level created by the November 24 daily low will most likely see the AUD/USD collapse below .7300 figure and target Aussie bids around .7234, a level defended by the December 27 daily low. A sustained break below .7234 will most likely see the US dollar bulls head lower and target the Australian dollar offers around .7130, a level created by the September 29, 2004 daily low, which currently acts as a gateway toward the psychologically important .7000 handle. Indicators are favoring US dollar longs with both negative momentum indicator and MACD trading below the zero line, while oversold Stochastic gives the Australian dollar bulls a chance to retaliate.

NZD/USD - New Zealand dollar longs managed to push the pair above the .6600 figure, but once again failed to recapture the offers around .6615, a level marked by the July 19, 2004 daily high. As US dollar longs resume their attack and push the pair toward the psychologically important .6500 handle, a further move to the downside will most likely see the greenback bulls test New Zealand dollar defenses around .6507, a level established by the 61.8 Fib of the .5914-.7466 NZD rally. A break below .6500 will most likely see the pair head lower and test the bids around .6414, September 4, 2004 daily low. A sustained momentum on the part of the US dollar traders will most likely see the pair extend its decline below the .6300 figure and target the New Zealand dollar offers around .6246, a level defended by the 78.6 Fib of the .5914-.7466 NZD rally Indicators are favoring US dollar longs with both negative momentum indicator and positive MACD above the zero line, while ADX above 25 at 27.93 signals an existence of a trend, not a direction of one, with oversold Stochastic adding to a trending outlook.

Sam Shenker is a Technical Currency Analyst for FXCM.