EUR/USD â�,�“ Buyers have challenged the 1.3000 figure, coming as close as 1.2970 Sunday evening.  The 138.2% fibo of 1.2588-1.1640 at 1.2948 has served as resistance the past two days.  CCI fell below 100 last Tuesday and has remained below, indicating slowing momentum.  Also interesting and possibly of predictive value is that MACD is historically at the upper end of its range.  While there is MACD is an unbounded oscillator, a quick glance at a daily chart shows that .0180 is a value rarely reached.  Previous tops in December 2004 and January 2004 saw MACD values of .0179 and .0174.  The value is now .0174 â�,�“ the highest since December 2004.  A contra move targets the 10 day SMA at 1.2756 followed by the 23.6% fibo of 1.1640-1.2970 at 1.2657.

USD/JPY â�,�“ USD/JPY trades just south of the psychological 110.00 figure after coming close to the 61.8% fibo of 101.67-121-38 at 109.22.  A double bottom on intraday charts at 109.29/44 gives scope to a countertrend move towards the 5/11 high at 111.55.  A break above there exposes the 23.6% fibo of 121.38-109.29 at 112.13.  A break below immediate support at Fridayâ�,��"�s 109.29 low targets the 9/5/2005 low at 108.75.  Positive divergence with momentum and CCI on the daily bolsters bullish prospects going forward.

GBP/USD â�,�“ Cable has come breathtakingly close to breaking the 1.9000 figure Friday and yesterday but failed twice and ended up closing below the 76.4% fibo of 1.9546-1.7046 at 1.8950 Friday (and trades below that figure right now).  Like EUR/USD, CCI on GBP/USD broke below 100 on Wednesday, suggesting that the much anticipated corrective move is upon us.  Support stems from the 5/10 high at 1.8727 followed by the 10 day SMA at 1.8641.

USD/CHF â�,�“ USD/CHF rallies tonight after plunging through the 1.2000 figure and trading as low as 1.1919 on Sunday, just below the 127% fibo of 1.2234-1.3286 at 1.1952.  The pair has now fallen for 7 consecutive weeks.  The last instance of this was in December 2004 when the pair fell 11 weeks in a row.  Scope does remain for a reversal as the pair has bounced off of its lower Bollinger band on the daily.  Resistance going forward is suggested by the 5/8 low at 1.2179.  A break above may see an assault on the confluence of the 23.6% fibo of 1.3230-1.1919 / 9/5/05 low at 1.2226/36.  A break below tonightâ�,��"�s 1.1919 low encounters potential buying at the 138.2% fibo of 1.2236-1.3286 at 1.1840.

USD/CAD â�,�“ On 5/10 we wrote, 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.â�,�  The pair is has since rallied 160 pips and a break above resistance at 1.1164 (5/9 high) exposes the 38.2% fibo of 1.1771-1.0969 at 1.1274.  The pair closed above the 10 day SMA on Friday for the first time since April 3rd.  A resumption of weakness eventually targets the 200% fibo of 1.1297-1.1771 at 1.0825.

AUD/USD â�,�“ The short term head and shoulders reversal pattern on intraday charts that we focused on last week has played out according to plan and the pair has fallen to its 23.6% fibo of .7014-.7793 at .7610.  After Fridayâ�,��"�s close, MACD slope changed (to negative) for the first time since 3/30 when it changed to positive â�,�“ which was the beginning of the rally from just above .7000.  .7585, the 1/31and 2/1 highs, provide additional support for longs and a break below could test the 38.2% fibo of .7014-.7791 at .7496.  An effort to return to higher prices is challenged by the 5/11 low at .7679.

NZD/USD â�,�“ Kiwi continues to break down and currently trades at the confluence of its lower Bollinger band on the daily / 5/11 low at .6200.  The head and shoulders reversal has played out wonderfully but there is likely much more room for weakness with the pair now trading just at its neckline.  The fact that this neckline slopes down suggests that prospects for NZD/USD are more bearish than for AUD/USD.  Support is below at the 61.8% fibo of .5991-.6217 at .6165 followed by the 76.4% fibo at .6098.

Jamie Saettele is a Technical Currency Analyst for FXCM.