EUR/USD - Euro bulls managed to push back the advancing greenback longs as pair once again headed above the psychologically important 1.2000 handle, a level created by the 38.2 Fib of the 1.2588-1.1639 USD rally and is further reinforced by the combination of the 20-day and 50-day SMA's. A further advance by the dollar longs will most likely see the pair head lower target euro offers around 1.1932, a level marked by the December 28 daily high and with further advance on the part of the dollar trader seeing the pair head below 1.1900 figure and target bids around 1.1864, a level defended by the 23.6 Fib of the 1.2588-1.1639 USD rally. However in case euro bulls manage to push the pair higher, a move above 1.2100 figure will most likely see the pair advance above 1.2115, a level defended by the 50.0 Fib of the 1.2588-1.1639 USD rally. Indicators are favoring Euro longs with both positive momentum indicator and MACD treading above the zero line, while neutral oscillators give either side enough room to maneuver. 

USD/JPY - Japanese Yen longs managed to recapture some of the recently lost territory as USD/JPY staged a sharp rally sell off below 117.35, a level established by the 23.6 Fib of the 104.16-121.46 USD rally. A further move to the downside will most likely see the pair head lower and with a break below 116.00, a level defended by the January 17 daily high at 115.93, most likely seeing USD/JPY extending its decline toward the psychologically important 115.00 handle, a level protected by the 38.2 Fib of the 104.16-121.46 USD rally and 200-day SMA at 114.80.  However in case yen longs fail to push the pair below 116.00, a reversal will most likely see the pair head above 117.35 and target yen offers around 118.17, a level marked by the December 30 daily high. A further move to the upside will most likely see the pair extend its gains above 119.00 figure and target offers around 119.39, a level established by the February 3 daily high. Indicators are favoring yen bulls with both negative momentum indicator and negative MACD treading below the zero line, while neutral oscillators give either side enough room to maneuver. 

GBP/USD - British pound longs retaliated in force and pushed the pair above 1.7399, a level established by the 23.6 Fib of the 1.8500-1.7048 USD rally during the latest anti-dollar rally. A further move on the part of the sterling longs will most likely see the pair head higher and with a break above the psychologically important 1.7500 handle, a level defended by the March 12 daily low at 1.7512, most likely seeing GBP/USD head above the 50-day SMA at 1.7525, and target dollar offers around 1.7603, a level marked by the 38.2 Fib of the 1.8500-1.7048 USD rally. However in case dollar bulls manage to takeover the price action and push the pair lower, a break below 1.7399 will most likely see GBP/USD extend its decline below 1.7300 figure and target 1.7281, a level defended by the February 14 daily low. A sustained momentum on the part of the dollar traders most likely seeing GBP/USD head lower and target sterling bids around 1.7188, a level marked by the January 3 daily low. Indicators are mixed with positive momentum indicator diverging from negative MACD treading below the zero line, while neutral oscillators give either side enough room to maneuver.

USD/CHF - Swiss Franc bulls launched a massive counter against the greenback longs with USD/CHF once again heading below the 1.3100 figure as dollar longs failed to dominate the price action. As Swissie longs push the pair lower, a further move to the downside will most likely see the pair head lower and wit ha break below 1.3040, a level marked by the 23.6 Fib of the 1.2240-1.3285 CHF rally. A further move to the downside will most likely see the pair head lower and target dollar bids around the psychologically important 1.3000 handle, a level defended by the November 28 daily low, and with sustained momentum most likely seeing the pair extend its decline toward 1.2885, a level created by the 38.2 Fib of the 1.2240-1.3285 CHF rally. However in case the dollar longs push the pair above 1.3100, a further move to the upside will most likely see USD/CHF head higher and extend its advance toward Swiss Franc defenses around 1.3201, a level defended by the December 30 daily high. ndicators 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 continued to retreat as USD/CAD advanced above 1.1700 figure following a week long greenbacl rally. A further move to the upside will most likely see the pair target Loonie offers around 1.1748, a level marked by the January 9 daily high. A sustained upside momentum will most likely see USD/CAD advance above 1.1800 figure and with further momentum targeting 1.1848, a level defended by the 38.2 Fib of the 1.2799-1.1297 CAD rally. A further rally on the part of the US dollar bulls will most likely see the USD/CAD target the psychologically important 1.2000 handle, a level defended by the November 15 daily high. However in case US dollar longs fail to sustained their rally and retreat , a move below 1.1600 figure will most likely see the pair extend its decline toward 1.1512, a level marked by the March 16 daily low. Indicators are favoring dollar bulls with both positive momentum indicator and positive MACD treading above the zero line, while overbought Stochastic gives Canadian dollar bulls a chance to retaliate. 

AUD/USD - Australian dollar bulls tumbled further below .7100 figure as greenback longs continued to dominate the price action. As US dollar longs extend their advance and push AUD/USD lower, a further move to the downside will most likely see the pair target Aussie bids around .7038, a level defended by the 78.6 Fib of the .6780-.7986 AUD rally. A sustained downside momentum will most likely see greenback longs push the pair below the psychologically important .7000 handle. A sustained momentum on the part of the greenback longs will most likely see AUD/USD head lower and target Aussie bids around .6932, a level marked by the July 29, 2004 daily low. A further break to the downside will most likely see US dollar capture more territory and target Aussie bids around .6851, a September 9, 2004 daily low. Indicators are favoring US dollar trader with both negative momentum indicator and negative MACD treading below the zero line, with ADX above 25 at 28.57, signaling an existence of a trend, not a direction of one, while both oversold oscillators add to a trending outlook.

NZD/USD - New Zealand dollar bulls saw their world collapse around them as greenback longs pushed the pair toward the psychologically important .6000 handle. As US dollar longs continued their advance, a sustained momentum to the downside will most likely see NZD/USD extend its decline below and target Kiwi's bids around .6015, a level defended by the May, 10, 2004 daily low. A move below .6000 figure will most likely see the pair head lower and target bids around .5914 a level marked by the May 18, 2004 daily low and with further move to the downside most likely seeing the pair accelerate to the downside and target .5808, a September 1, 2003 daily high. Indicators are favoring US dollar longs with both negative momentum indicator and positive MACD above the zero line, while ADX above 25 at 54.19 signals existence of a trend, not a direction of one, with both oversold oscillators add to a trending outlook.

Sam Shenker is a Technical Currency Analyst for FXCM.