EUR/USD - As we remarked yesterday, EUR/USD found support at a trendline that began on 2/27 at 1.1825.  This line is parallel to a line that connects the 1/24 (1.2321) and 5/15 highs (1.2971).  If support holds, then a well defined channel is established and the picture is bullish.  The short term bullish picture would be reinforced if the pair sustains a break above a short term resistance line that began on 6/5 at 1.2976.  However, immediate resistance is connoted by the 78.6% fibo of 1.2677-1.2481 at 1.2635.  Still, if resistance at the downward sloping line holds, then risk to the upside is limited and sellers could mount an attack on the 1.2481 low.  A break below there exposes the 50% fibo of 1.1825-1.2971 at 1.2397.  Hourly RSI is retreating from near overbought levels and in the current range environment would favor shorts.

USD/JPY - USD/JPY continues to hold above the 116.00 figure, albeit barely.  The 200 day SMA is still support, now at 116.04.  USD/JPY has held up in the face of bearish divergence with oscillators on the hourly but scope does remain for weakness to the area bound by the 38.2% and 61.8% fibos of 114.38-116.57 between 115.22/85.  The ability of the pair to hold above the 200 day SMA certainly can not be overlooked and as long as price does remain above - then a test of 118.37 is possible (where 1 would = 5 in the rally from 108.96.

GBP/USD - Cable continued to rally choppily higher yesterday.  As we have focused on with the majors, the dollar rally is far more impulsive than the anti-dollar rally and additional dollar strength could take us to some of our measured objectives.  In Cable's case, the 161.8% extension of 1.9025-1.8529 from 1.8879 comes in at 1.8067 (1.8879 - (1.618 * (1.9025-1.8529)) and a decline to that level could mark the end of a 3 wave correction of the rise to 1.9025.  Interesting to note is the contraction of volatility yesterday as the day completed an inside day.  Periods of contracted volatility are followed by periods of volatility and vice versa.

USD/CHF - USD/CHF fell yesterday but the pair found support at former resistance / 6/13 high at 1.2406.  Hourly oscillators are back on the rise and Fibonacci extensions of 1.1919-1.2299 place targets for a potential top at 1.2541 (138.2% - very close to Friday's high of 1.2525) and 1.2629 (161.8%).  Still, chart structure on the daily shows that the rise from 1.1919 is corrective when compared to the preceding decline.  The diagonal triangle appears to be coming to an end as evidenced by the proximity of the apex.  A sustained break below the 1.2335/47 (former resistance) would do wonders for bears.

USD/CAD - The highly touted 1.1250 area was broken briefly but USD/CAD was rejected before 1.1300.  Like USD/CHF, Friday's high reversed off of the upper Bollinger band on the daily - which when combined with the series of daily highs at 1.1250/72 and the 38.2% fibo of 1.1771-1.0927 at 1.1245 - suggests that the path of least resistance is down.  However, a break higher above the 6/23 high of 1.1283 could leas to a massive short squeeze as a large amount of selling has taken place at the mentioned 1.1250/72.  The immediate picture appears slightly bearish as hourly oscillators are falling.  Like, GBP/USD, USD/CAD also saw an inside day yesterday as volatility was low.

AUD/USD - The bullish divergence that we mentioned yesterday preceded the rally off of the .7290 low.  A hammer (candle with long bottom wick) yesterday at the 61.8% fibo of .7014-.7791 at .7311 along with CCI increasing from below -100 is compelling evidence that a bottom is in place at .7290.  Resistance is just above current price at the 6/23 high of .7351.  A break above would expose the 6/22 high at .7418.  If the turn fails, then the low from yesterday at .7290 is immediate support.  

NZD/USD - Kiwi continues to ride along the lower Bollinger band on the daily.  The pair bounced in Tokyo trading tonight but has reverted to weakness in early European trading.  As we have mentioned for the past couple of days, the next areas of support would be the 4/4 low at .6012 and the 3/29 low at .5991.  The 10 day SMA has held as resistance the past week and currently is at .6231 but more immediate resistance is at the high from yesterday at .6088.  A break of the 3/29 low at .5991 could see a test of the 5/18/2004 low at .5909. 

Jamie Saettele is a Technical Currency Analyst for FXCM.