EUR/USD - Euro bulls continued to push the pair higher with the latest swing to the upside encountering greenback offers 1.2057, a level marked by the 200-day SMA. A further move to the upside will most likely see the pair advance toward 1.2116, a level marked by the 50.0 Fib of the 1.2588-1.1639 USD rally. In case greenback longs fail to push back the advancing single currency bulls, a further move to the upside will most likely see the pair extend its gains toward 1.2189, a level established by the January 31 daily high. A further break to the upside will most likely see the EUR/USD head above the 1.2200 figure and target the dollar offers around 1.2221, a level established by the 61.8 Fib of the 1.2588-1.1639 USD rally. Indicators are mixed with positive momentum indicator diverging from negative MACD below the zero line, while neutral oscillators give either side enough room to maneuver.

USD/JPY - Japanese Yen longs continued to head higher after failing to gain traction below the 116.00 figure and above the 50-day SMA at 116.69. As greenback bulls dominate the price action, a move to the upside will most likely see the USD/JPY head higher and wit ha break above 117.00 figure make its way toward 117.38, a level established by the 23.6 Fib of the 104.16-121.46 USD rally and is further reinforced by the 20-day SMA. A further move on the part of the greenback longs will most likely see the pair head higher  and wit ha move above the 118.00-119.00 zone target the yen offers around 119.36, a level defended by the February 3 daily high. A sustained momentum on the part of the greenback bulls will most likely see the dollar bulls push the pair toward the psychologically important 120.00 handle. Indicators are mixed with negative momentum indicator diverging from positive MACD above the zero line, while oversold Stochastic gives dollar longs a chance for a countermove.

GBP/USD - British pound longs continued their advance as pair headed above the greenback offers at 1.7604, a level defended by the combination of the 50-day SMA and 38.2 Fib of the 1.8500-1.7048 USD rally. A further move to the upside will most likely see the pair head higher and with a move above 1.7700 figure, a level defended by the 200-day SMA at 1.7705, taking on the dollar offers around 1.7775, a level marked by the 50.0 Fib of the 1.8500-1.7048 USD rally. A sustained momentum on the part of the pound bulls will most likely see the pair extend its rally above the 1.7800 handle and test the dollar offers around 1.7896, a level marked by the January 24 daily high. A confirmed breakout will most likely see the GBP/USD test the greenback defenses around 1.7948, a level marked by the 61.8 Fib of the 1.8500-1.7048 USD rally. Indicators are mixed with positive momentum indicator diverging from negative MACD below the zero line, while neutral oscillators give either side enough room to maneuver.

USD/CHF - Swiss Franc bulls continued to dominate the price action as pair remained below the psychologically important 1.3000 handle as it made its way toward 1.2931, a level marked by the 50-day SMA. A further move on the part of the Swiss Franc traders will most likely see the USD/CHF take on the greenback defenses around 1.2890, a level marked by the 38.2 Fib of the 1.2240-1.3285 USD rally and is further reinforced by the 200-day SMA at 1.2853. A move below 200-day SMA will most likely see the dollar bulls push the pair below 1.2800 figure and take on the greenback bids around 1.2763, a level established by the 50.0 Fib of the 1.2240-1.3285 USD rally. A further break to the downside will most likely see USD/CHF target greenback defenses around 1.2640, a level marked by the 61.8 Fib of the 1.2240-1.3285 USD rally. 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 put the price action on hold as USD/CAD bounced toward the 1.1400 figure after setting new multi-year low at 1.1300. As Loonie longs push the pair lower, a breakdown below 1.1300 figure will most likely see the Canadian dollar longs test greenback bids around at 1.1249, a level marked by the 1.00 Fib Extension of the Nov-Dec CAD rally. A further move on the part of the Loonie longs will most likely see the pair extend its decline toward the psychologically important 1.1000 handle, a level defended by the 1.382 Fib Extension of the Nov-Dec CAD rally at 1.1040, thus seeing the Canadian dollar enter into a trend mode. A break below 1.1000 will most likely see the pair tumble further and test the US dollar defenses around 1.0910, a level marked by the 1.618 Fib Extension of the Nov-Dec CAD rally. Indicators are favoring Canadian dollar longs with both negative momentum indicator and MACD treading below the zero line, while oversold Stochastic gives the greenback traders a chance to retaliate.

AUD/USD - Australian dollar bulls once again failed to test the greenback bids around the psychologically important .7500 handle, a level defended by the 38.2 Fib of the .7798-.7236 USD rally at .7521 and is further reinforced by the 200-day SMA. As pair remains in a .7350-.7600 trading range that dominated the overall price action since the beginning of the year, a move below .7441, a level marked by the 50-day SMA will most likely see the pair extend its decline toward .7413, a level marked by the 23.6 of the .7798-.7236 USD rally. However in case Aussie longs manage to hold the pair above the 50-day SMA a further move to the upside  will most likely see AUD/USD head above the psychologically important .7500 handle and target the greenback offers around .7577, a level defended by the January 16 daily high. Indicators are mixed with positive momentum indicator diverging from negative MACD below the zero line, while neutral oscillators give either side enough room to maneuver.

NZD/USD - New Zealand dollar longs failed to push the pair above the US dollar offers around .6690, a level established by the 50.0 Fib of the .5914-.7466 NZD rally. A reversal will most likely see the NZD/USD head lower and with a move below .6600 figure most likely seeing the pair resume its downward trend. A further move to the downside will most likely see greenback bulls test Kiwi's bids around .6507, a level established by the 61.8 Fib of the .5914-.7466 NZD rally and with confirmed break below the psychologically important .6500 handle most likely seeing the pair head lower and test the bids around .6414, September 4, 2004 daily low. Indicators are favoring US dollar longs with both negative momentum indicator and positive MACD above the zero line, while ADX above 25 at 30.23 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.