EUR/USD - EUR/USD rallied past the 7/5 high of 1.2836 to 1.2859 to possibly complete 5 waves up from 1.2481.  If this is the case, then price could be headed to the confluence of the 7/5 low / 38.2% fibo of 1.2481-1.2859 at 1.2705/15.  However, previous intraday support at 1.2765 is reinforced by the 61.8% fibo of 1.2705-1.2859 at 1.2764 and a bounce off of that level could propel price back to the 1.2859 high to form a double top.

USD/JPY - The 114.10 objective was met and exceeded.  The pair currently trades right at the 38.2% fibo of 108.96-116.65 at 113.76.  If price can hold above this level on a daily closing basis, then a retrace of the weakness to today's 113.44 low would probe the 38.2% fibo of 115.77-113.44 at 114.33.  With the bullish divergence on the hourly (with oscillators), the upside is favored in the short term.  However, Friday's decline completed a head and shoulders reversal pattern as the pair broke through the neckline at around 113.90.  The longer term bearish view is bolstered by the 10 day SMA crossing below the 20 day SMA.

GBP/USD has fallen off of its high made Friday at 1.8539 to below 1.8450.  Support is just below at the confluence of  the 7/6 high / 61.8% fibo of 1.8325-1.8539 at 1.8406/07.  Price needs to hold above 1.8406 in order to keep a short term bullish view.  A bounce off of 1.8406 could lead to a test of the 1.8539 high.  Supporting the bullish case is an inverse head and shoulders pattern.  As mentioned however, 1.8406 needs to hold as support.

USD/CHF has rallied off of Friday's 1.2190 low to above 1.2250.  Like the other majors, one more leg of dollar weakness seems probable before a reversal and subsequent dollar strength.  In this instance, resistance is at the 50% and 61.8% fibos of 1.2356-1.2190 at 1.2273 and 1.2292.  The 50% fibo at 1.2273 is strengthened by the 7/3 high at 1.2275.  Trendline resistance is at current levels (1.2250).   

USD/CAD - "Reinforcing the bullish bias is the 7/5 bullish engulfing outside day at the supporting trendline (from the ascending triangle)" was Friday's commentary and USD/CAD has since taken off and the pair now probes resistance at the 78.6% fibo of 1.1283-1.1038 at 1.1230.  The series of daily highs from 1.1232-1.1283 is just above and may could bullish efforts.  The bias remains bullish as the pair trades within the ascending triangle that began in mid May.  A break above the 6/23 high at 1.1283 argues for a test of the 50% fibo of 1.1771-1.0927 at 1.1349.  Former resistance from the 7/7 high at 1.1152 is now support.

AUD/USD - We remarked Friday that "prices are headed higher towards the confluence of the 50% fibo of .7791-.7270 / 61.8% extension of .7270-.7470 at .7523/30."  Today's high (so far) is at .7530 and price has retreated to the .7500 figure.  The rapid decline from .7530 argues for additional weakness towards the confluence of a supporting trendline / 7/5 high at .7472.  The Aussie could very well bounce there and rally past .7530 to complete a 5 wave uptrend.

NZD/USD - Kiwi broke above resistance from a series of daily highs between.6108 and .6120 (6/30 through 7/5) to test .6150, but has since fallen back to the former resistance area - which is now support.  As such, scope remains for a test of and possible break above today's .6154 high before a more serious decline emerges.  Hourly oscillators favor this view as RSI has declined from above overbought but a lack of bearish divergence suggests that there is one more rally before the pair tops out.

Jamie Saettele is a Technical Currency Analyst for FXCM.