EUR/USD â�,�“ Euro bulls have finally shown some weakness, in accordance with the slowing momentum illustrated by CCI which crossed below 100 on the daily charts.  The 61.8% fibo of 1.3480-1.1640 at 1.2780 has held as resistance the past 4 days although the pair did spike above multiple times yesterday intraday.  Given the extremity of the recent uptrend, major support is not until the 23.6% fibo of 1.1825-1.2830 at 1.2593 followed by the 23.6% fibo of 1.1640-1.2830 at 1.2550.  A continuation of strength past yesterdayâ�,��"�s high at 1.2830 targets the confluence of the 2/18/2004 high / 161.8% extension at 1.2927/31.

USD/JPY â�,�“ USD/JPY challenged the 110.00 figure and made a low at 110.08, its lowest price since 9/12/05.  The trend down is strong as evidenced by ADX above 50 for the first time since November 2005 when the pair was nearing the end of its rally to 121.38.  Daily oscillators left oversold from the violent decline are just now rising back above their oversold barriers.  We mentioned yesterday that â�,��"positive divergence with MACD and RSI on the hourly suggests a correction is imminent but keep in mind that corrective moves lately have been smallâ�,�.  Weâ�,��"�ll stick to this view as scope does remain for corrective moves towards the confluence of the 1/12 low / 38.2% fibo of 118.82-110.08 at 113.41/43 but emphasis is placed on corrective.  A break below the low yesterday at 110.08 exposes the 7/21/05 low at 109.85.

GBP/USD â�,�“ Cable again rallied above its Fibonacci extensions of 1.7046-1.7934 from 1.7229 at 1.8660 (161.8% * (1.7934-1.7046) + 1.7229 = 1.8660) but was able to close below at 1.8635.  The ensuing correction has taken the pair below 1.8600.  Like EUR/USD, the intensity of the last bull wave leaves Fibonacci support at a rather distant 1.8376 (23.6% of 1.7227-1.8728).  The 10 day SMA is thus initial support at 1.8488.  Yesterdayâ�,��"�s 2006 high at 1.8727 is initial resistance with a break exposing the 76.4% fibo of 1.9318-1.7046 at 1.8776.

USD/CHF â�,�“ USD/CHF has also moves countertrend after yesterdayâ�,��"�s hammer on the daily.  Other recent hammers on the daily have proved false but this one occurs at the 61.8% fibo of 1.1476-1.3283 at 1.2170.  The combination of fibo support and a hammer is much stronger than just a hammer by itself.  The pair currently trades at its 10 day SMA at the psychological 1.2300.  Continuation of the corrective move targets the 23.6% fibo of 1.3236-1.2125 at 1.2386 with a break opening up the possibility of a move towards the 1/24 low at 1.2553.

USD/CAD â�,�“ USD/CAD made an inside day yesterday after its outside day the day prior.  With this action occurring near the psychological 1.1000 (also the 161.8% of 1.1297-1.1771), the possibility of a countertrend move improves.  The pair is resisted by the 10 day SMA (1.1075) and has been since 4/4 when the pair was at 1.1631.  A break above the 10 day probes the 5/9 high at 1.1164.  RSI has turned up above 30 on the daily and supports additional strength.  The next major support in our eyes is the 200% fibo of 1.1297-1.1771 at 1.0825.  If the pair can distance itself from 1.1000, then resistance is at the confluence of yesterdayâ�,��"�s high / 5/2 high at 1.1164/66.

AUD/USD â�,�“ AUD/USD tested the confluence of the 76.4% fibo of .7989-.7017 / 9/13/05 high at .7760 before falling back to day SMA at .7684.  A head and shoulders reversal pattern on intraday charts spells doom for bulls and is suggestive of a short term top.  The left shoulder top at .7746 is initial resistance with the top of the head at yesterdayâ�,��"�s high of .7767 also resistance.  The neckline is near .7700 and a break below targets the 1/31, 2/1 highs at .7585.  Daily oscillators favor a continuation of the contra move down as 21 day RSI has turned down from above 70 and CCI down from above 100.  A resumption of strength targets the 6/21 and 6/22 highs at .7808.

NZD/USD â�,�“ Kiwi tested the .6200 figure just below the 50% fibo of .5991-.6444 at .6217 before bouncing back to its 50 day SMA at .6282.  The pair has fallen through the 10, 20 and 50 days SMAâ�,��"�s near .6300, RSI is below 50 and CCI has broken below 0, all suggestive of further weakness.  Like AUD/USD, the pair is forming the right shoulder of a head and shoulders reversal pattern.  Unlike AUD/USD, this h&s pattern is longer and thus is considered stronger and would possibly lead to a more explosive breakdown.  The fact that this neckline slopes down suggests that prospects for NZD/USD are more bearish than for AUD/USD.  A break the Tokyo low at .6202 exposes the 61.8% fibo of .5991-.6217 at .6165.  A continued bounce encounters resistance at the 5/8 low of .6313.

Jamie Saettele is a Technical Currency Analyst for FXCM.