EUR/USD - Euro bulls managed to wrest the control of the price action from the dollar bulls with the pair heading above the psychologically important 1.2000 handle, a level defended by the key 38.2 Fib of the 1.2588-1.1639 USD rally. A further move to the upside will most likely see the pair head higher and with a break above 1.2045, a level marked by the 200-day SMA, most likely seeing the single currency longs advance above the 1.2100 and target greenback offers around 1.2111, a level established by the 50.0 Fib of the 1.2588-1.1639 USD rally. A further break to the downside will most likely see the pair head higher and test dollar offers around 1.2189, a level marked by the January 31 daily high. However in case euro bulls fail to keep the pair above the 1.2000 handle a subsequent reversal will most likely see the dollar bulls launch a counteroffensive and with a move below 1.2000 targeting single currency bids around 1.1940, a 20-day SMA and with further move to the downside targeting 1.1864 level, a level established by the 23.6 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 pushed the pair below 118.00 figure as greenback longs saw the momentum of their initial advance completely reverse in favor of the yen. As yen bulls push the pair lower. A further move to the downside will most likely see the pair decline below 117.35, 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 below 117.00 figure will most likely see the pair encounter active dollar bids around 116.82, a level marked by the 50-day SMA and with a further move to the downside seeing USD/JPY test greenback defenses around 115.93, a level created by the January 17 daily high. However in case yen longs fail to maintain downside momentum, a reversal will most likely see the pair once again head above 118.00 figure and target yen offers around 119.36, a level defended by the February 3 daily high. Indicators are favoring dollar longs with both positive momentum indicator and MACD treading above the zero line, while neutral oscillators give either side enough room to maneuver. 

GBP/USD - British pound longs launched a surprise countermove against the dollar as pair skyrocketed above 1.7391, a level defended by the 23.6 Fib of the 1.8500-1.7048 USD rally.  A further move to the upside will most likely see the pair extend its rally above the psychologically important 1.7500 handle and target greenback offers around 1.7535, a level marked by the January 20 daily low and is reinforced by the 50-day SMA. A further move to the upside will move likely see the pair head higher and with a break above 1.7610, a level established by the 38.2 Fib of the 1.8500-1.7048 USD rally targeting 1.7677, a 200-day SMA. However in case sterling bulls fail to push the pair above 1.7500, a reversal will most likely see the pair slide below 1.7400 and most likely target 1.7312, a level marked by the July 8 daily low. A further downside momentum most likely seeing 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. Indicators are favoring dollar longs with both negative momentum indicator and negative MACD trading below the zero line, while neutral oscillators give either side enough room to maneuver.

USD/CHF - Swiss Franc bulls managed to break below the 1.3100 figure and pushed the pair toward the psychologically important 1.3000 handle, but saw their advance stall below 1.3038, a level marked by the 23.6 Fib of the 1.2240-1.3285 USD rally. A further move to the downside will most likely see the USD/CHF extend its decline toward 1.2943, a level create by the 50-day SMA and with a further collapse of the greenback bids most likely seeing the pair test the dollar defenses around 1.2890, a level established by the 38.2 Fib of the 1.2240-1.3285 USD rally and is further reinforced by the 200-day SMA. However in case Swissie longs fail to capture 1.3000 handle, a reversal will most likely see the pair head above 1.3100 figure, a level defended by the 20-day SMA,  with a further move to the upside most likely seeing the USD/CHF extend its advance toward 1.3201, a level established by December 30 daily high. 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.

USD/CAD - Canadian dollar bulls pushed the pair further below the 1.1600 figure, a level defended by the 23.6 Fib of the 1.2799-1.1297 CAD rally. A further move to the downside targeting greenback bids around the psychologically important 1.1500 handle, a level defended by the combination of the 50-day and 20-day SMA's. A further move on the part of the Canadian dollar longs will most likely see the pair extend its decline below the 1.1400 handle and target greenback bids around 1.1372, a level defended by the January 31 daily low. A sustained momentum on the part of the Canadian dollar bulls will most likely see the pair extend its decline and with a break below 1.1300 figure , a level defended by the March 2 daily low most likely seeing USD/CAD extend its decline below 1.1200 figure. Indicators are mixed with positive momentum indicator diverging from negative MACD above the zero line, while neutral oscillators give either side enough room to maneuver.

AUD/USD - Australian dollar bulls pushed the pair higher after the AUD/USD managed to recapture the offers above .7344, a level marked by the February 22 daily low. As Aussie longs continue their advance, a break to the upside will most likely see the pair target the US dollar defenses around .7412, a level defended by the 23.6 Fib of the .7798-.7236 USD rally and with sustained upside momentum most likely seeing Australian dollar traders target greenback offers around .7444, a 50-day SMA. A further advance on the part of the Aussie bulls will most likely see the pair target the psychologically important .7500 handle, a level defended by the 200-day SMA. However in case AUD/USD fails to maintain an upside momentum, a reversal will most likely see the pair break below .7304 figure, a level marked by the March 10 daily low and with further move on the part of the US dollar bulls most likely seeing the pair extend it decline toward .7234, a level established by December 27 daily low. 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 managed to push back advancing US dollar bulls as pair failed to break the bids below the .6400 handle. As Kiwi longs retrace part of the dollar rally, a move toward the psychologically important .6500 handle, a level defended by the 61.8 Fib of the .5914-.7466 NZD rally will most likely see the US dollar traders spring back into action and once again push NZD/USD lower. A subsequent reversal will most likely see the pair head below .6400 figure and target Kiwi's bids around .6246, a level marked by the 78.6 Fib of the .5914-.7466 NZD rally. A further move to the downside will most likely see the pair extend its decline below .6200 figure and target Kiwi's bids around .6155, a level defended by the June 3, 2004 daily low, thus confirming an existence of a trend targeting the psychologically important .6000 handle. Indicators are favoring US dollar longs with both negative momentum indicator and positive MACD above the zero line, while ADX above 25 at 42.48 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.