EUR/USD - Euro bulls continued to bounce around 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, as either side failed to make any progress. As greenback longs push the pair lower, 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 continued to keep the pair below 118.00 figure as price action remained confined to a trading range that dominated USD/JPY since the beginning of the year. As greenback bulls continue their advance, a further move to the upside will most likely see the pair head higher and with a move above 118.00 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. However in case greenback longs fail to push the pair above 118.00, a reversal will most likely see the pair head below 117.35, a level marked by the 23.6 Fib of the 104.16-121.46 USD rally and target 116.00 figure, a level defended by the January 17 daily high at 115.93. A further move to the downside will most likely see 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 114.90. 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 once again retreated below 1.7399, a level established by the 23.6 Fib of the 1.8500-1.7048 USD rally after failing to capture offers above the psychologically important 1.7500 handle, a level defended by the March 12 daily low at 1.7512. A further move to the downside will most likely see GBP/USD extend its decline below 1.7311, a March 24 daily low 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. However in case dollar bulls fail to takeover the price action, a reversal will most likely see the pair head higher and with a move above 1.7399 most likely target the psychologically important 1.7500 handle. A further move to the upside will most likely see 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. 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 failed to follow through with a counter against the greenback longs with USD/CHF once again heading above the 1.3100 figure. As 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. A further move to the upside will most likely see the pair head toward 1.3285, a level established by the 2005 High. However in case Swissie longs once again manage to push the pair lower, a further move to the downside will most likely see the pair head lower and with a break below 1.3040, a level marked by the 23.6 Fib of the 1.2240-1.3285 CHF 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. 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 failed to push back the advancing greenback longs as USD/CAD failed to break the bids below 1.1700 figure. 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. In case Canadian dollar longs manage to takeover the price action, a move below 1.1700 figure will most likely see the pair extend its decline toward 1.1638, a level marked by the 23.6 Fib of the 1.2799-1.1297 CAD rally, breaking of which will most likely see USD/CAD once again target the 1.1500 figure. Indicators are favoring dollar bulls with both positive momentum indicator and positive MACD treading above the zero line, with ADX above 25 at 26.54, signaling an existence of a trend, not a direction of one while overbought Stochastic gives Canadian dollar bulls a chance to retaliate. 

AUD/USD - Australian dollar bulls continued to retreat after failing to hold the bids around .7038, a level defended by the 78.6 Fib of the .6780-.7986 AUD rally. As greenback longs resume their advance and push the pair lower, a further move to the downside will most likely see AUD/USD head below the psychologically important .7000 handle and target Aussie bids around .6932, a level marked by the July 29, 2004 daily low. However in case Aussie bulls manage push the pair higher, a further move to the upside will most likely see the pair head above .7100 figure and target greenback offers around .7149, a level marked by the March 21 daily low, and with further move to the upside seeing AUD/USD target offers around .7242, a level established by the 61.8 Fib of the .6780-.7986 AUD rally. Indicators are favoring US dollar trader with both negative momentum indicator and negative MACD treading below the zero line, with ADX above 25 at 32.56, signaling an existence of a trend, not a direction of one, while overbought Stochastic gives Australian dollar longs a chance to retaliate.

NZD/USD - New Zealand dollar bulls found themselves starring at the abyss as pair approached the psychologically important .6000 handle, a level not seen since 2004. As US dollar traders push the pair below .6015, a level defended by the May, 10, 2004 daily low, will most likely see the pair extend its decline below.6000 figure and target bids around .5914 a level marked by the May 18, 2004 daily low. A further break to the downside will most likely see the pair target Kiwi bids around .5808, a level established by the September 1, 2003 daily low. . However in case New Zealand dollar bulls manage to hold the psychologically important .6000 handle a move above the .6100 figure will most likely see the pair extend its rally toward .6122, a level marked by March 27 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 57.58 signals existence of a maturing trend, not a direction of one, with both oversold oscillators add to a trending outlook.

Sam Shenker is a Technical Currency Analyst for FXCM.