EUR/USD â�,�“ EUR/USD continues to range, primarily between 1.2880 and 1.2750.  The pair is resisted by a triple top from the last 4 dayâ�,��"�s highs and supported by a the 78.6% fibo of 1.2694-1.2890 at 1.2736.  1.2800 and tested the 61.8% fibo of 1.2691-1.2886 at 1.2765.  The outlook is for a continued range as we are trading in a larger corrective fourth wave, potentially with scope for an eventual test of the 38.2% fibo of 1.1825-1.2970 (wave 3) at 1.2534.  Daily oscillators are bearish as described yesterday, but are of little value in a tight range.

USD/JPY â�,�“ USD/JPY also trades within a range, albeit an upward sloping one.  The daily chart shows that the overall trend is down and corrective waves move countertrend, thus it is no surprise that that we have tested 113.00.  Trading from112.96 (5/24 high) resistance possible challenges the short term trendline / 38.2% fibo of 110.96-112.96 confluence at 112.20.  Additional weakness exposes fibonacci extensions of 110.20 (112.61-(.382*(112.93-110.95)) or 109.73 (112.61-(.618*(112.93-110.95)).  Immediate resistance is at the mentioned 112.97 followed by the 50% fibo of 118.86-108.96 at 113.93.

GBP/USD â�,�“ GBP/USD weakened to a shade below its 78.6% fibo of 1.8632-1.8885 at 1.8686 yesterday and this evening.  Yesterdayâ�,��"�s 1.8650 low is now support along with the 20 day SMA at 1.8667.  A break below targets the 5/22 low at 1.8632.  Threatening bulls on a longer term basis is daily oscillators, which are declining.  CCI is still positive but has been declining for weeks and momentum has moved into negative territory for the first time since 4/14 when GBP/USD was trading at 1.7511.  These developments suggest that we will eventually see a more complete retracement of the huge uptrend, possible to the 5/11 low of 1.8530 or the 38.2% fibo of 1.7228-1.9024 at 1.8339.

USD/CHF â�,�“ USD/CHF has formed a semi deformed head and shoulders continuation pattern on the hourly with two left shoulders and one right shoulder.  The right shoulder looks complete as strength has stalled at the top of the left shoulder at 1.2187.  This goes along with yesterdayâ�,��"�s view that â�,��"H&S patterns tend to display symmetry so another rally to form a second right shoulder at the 5/17 high at 1.2187 is certainly a possibilityâ�,�.  From here, a test of recent daily lows at 1.2024 (5/24), or 1.2015 (5.22) is reasonable.  A break below the 1.2015 low from 5/22 would expose the 5/17 low at 1.2002.  The pair remains trapped below its 20 day SMA, which currently trades at 1.2191.  As mentioned in commentary about the other majors, a fuller retracement of the previous downward trend remains an option, with the 5/11 high 1.2304 as well as the 38.2% of 1.3235-1.1921 at 1.2423 coming into play before another leg down in the overall downtrend.

USD/CAD â�,�“ USD/CAD has plummeted after testing the triple top at 1.1265 (from the last 3 dayâ�,��"�s highs).  The correction of the recent downtrend to 1.0969 has been a choppy one but a break below the confluence of the 20 day SMA / 5/22 and 5/23 lows at 1.1114/21 could trigger a fall to the 5/17 low at 1.1011.  A bounce off of the stacked support at 1.1114/21 continues the range theme with yesterdayâ�,��"�s low as initial resistance at 1.1179.  Favoring bears are the daily oscillators turning back down and yesterdayâ�,��"�s high reversing at the upper Bollinger band (daily), giving scope to a short term reversal.

AUD/USD â�,�“ AUD/USD made a doji yesterday right at its 38.2% fibo of .7014-.7791.  This combination gives scope of a possible reversal to the upside after a 300 pip correction of the .7014-.7791 bull wave.  The pair has broken through the upper boundary of a channel and it is possible that we have seen a full 3 wave correction of the larger bull wave.  The confluence of the 5/22 low / 200 day SMA at .7462/65 is support with the 50% fibo of .7014-.7791 at .7405 as additional support.  There is however a negative10, 20 day SMA cross on the daily that is disconcerting to bulls.  This is the first cross since a positive cross occurred on 4/11 at .7335.

NZD/USD â�,�“ Kiwi has been on a tear, gaining over 150 pips in the past 4 days (including today).  We mentioned yesterday that what made NZD/USD particularly bullish was that â�,��"the pair surged through the intraday trendlineâ�,� and AUD/USD broke its trendline today, in effect confirming what we previously saw in Kiwi.  The pair has exploded through resistance levels and the next is the resistance zone bound by the 5/3 high / 38.2% fibo of .7197-.5991 at .6443/49.

Jamie Saettele is a Technical Currency Analyst for FXCM.