EUR/USD â�,�“ EUR/USD gained for the ninth time in ten days.  The 4/24 and 4/25 highs were rejected by the long term trendline that begins at the 1.3666 high on 12/30/2004.  However, the pair closed a hair above (or right at) the downward sloping line yesterday, depending upon the thickness of your line.  This is certainly disconcerting to shorts, but still, the proximity of the line certainly skews risk to the downside.  The dealer chart shows massive negative divergence with RSI.  Further support for a dollar value play here is the upward sloping channel that begins at the 3/10 low of 1.1859.  The upward sloping resistance line is at the current price but caution is warranted as the pair ultimately trades in an uptrend.  A break above yesterdayâ�,��"�s high challenges the 8/12 high at 1.2485.

USD/JPY â�,�“ Recent Yen strength continues to consolidate between the 23.6% fibo of 118.87-114.24 at 115.33 and the 114.23 low on 4/24.  Momentum to the downside has stalled as evidenced by an RSI reading of 46 on the hourly.  Resistance sits just above at the 23.6% fibo of 118.82-114.23 at 115.31 with the 200 day SMA at 115.50.  A daily close below the 4/24 low at 114.24 is required to confirm a continuation of weakness towards the 1/12 low at 113.41.

GBP/USD â�,�“ Cable traded in a range yesterday and also broke the low of the previous day, albeit for a short time.  The longer term double top at 1.7934 produced from the 1/25 and 4/19 highs has thwarted attempts by bulls to reach the psychological 1.8000 figure and yesterdayâ�,��"�s brief break of the low combined with oscillator divergence on the hourly may be a sign of weakness to come.  As mentioned two days ago, if the recent cross below the upper Bollinger band plays out like the previous three (on 9/6/2005, 10/26/2005, and 12/14/2005), then look for support at the 4/21 low of 1.7750 with a break below giving way to the 4/18 low / 23.6% fibo of 1.7248-1.7935 at 1.7675/77.  A daily close above the 4/25 at 1.7941 is required in order to give scope to a resumption of the uptrend.  Resistance comes in at the 38.2% fibo of 1.9550-1.7046 at the psychological 1.8000.

USD/CHF â�,�“ There is little change regarding USD/CHF technicals as the pair remains trapped between its 61.8% fibo of 1.2239-1.3283 at 1.2639 and the low from 4/25 at 1.2639.  As mentioned on 4/25, â�,��"a double bottom from the 4/19 and 4/24 lows at 1.2648/55 points to a correction of the recent Swissie strengthâ�,�¦â�,�.  Like GBP/USD, USD/CHF also briefly broke its prior dayâ�,��"�s high yesterday for just the third time in 13 days, possibly foreshadowing strength to come.  Resistance comes in at the 4/24 high of 1.2754 with a break above targeting the 38.2% fibo of 1.3058-1.2639 at the psychological 1.2800.  A break below the 4/25 1.2639 low argues for a continuation of the downtrend towards the 1/23 low at 1.2559.

AUD/USD â�,�“AUD/USD made an exceptionally bullish move yesterday as it broke the long term resisting trendline from May 2005 and the 200 day SMA.  The pair trades at its highest since 2/2/05 and now targets the 1/31 and 2/1 highs at .7585.  Possibility of course remains for a retrace to the recent break out point â�,�“ near the confluence of the mentioned downward line / 200 day SMA at .7462/75.  In the event that this is a false breakout and the pair falls back into the range, then support rests at the 23.6% fibo of .7015-.7543 at .7419.

NZD/USD â�,�“ The Kiwi gained yesterday as the pair trades in a short term slightly downward sloping channel.  The pair found support right at the 4/20 and 4/21 lows of .6239/43.  Both daily and hourly oscillators are neutral and are indicative of the recent range we have seen.  Further, the pair again tested the 50 day SMA (and failed) in Tokyo trading tonight and weâ�,��"�ll reiterate from yesterday that the proximity of the 50 day SMA limits upside risk and serves as resistance at .6337.  Support comes in at the mentioned 38.2% fibo at .6227 with a break below targeting the 50% fibo of .6182.

Jamie Saettele is a Technical Currency Analyst for FXCM.