EUR/USD - Very little is changed from yesterday.  EUR/USD has continued to move higher, albeit at a much slower pace than before.  The pair has digested gains over the past 20 hours just below the 50% fibo of 1.2859-1.2456 at 1.2657.  A push higher would challenge the 61.8% fibo at 1.2705.  There is a downward channel forming from the 1.2976 high and this could be the beginning of a move to take the euro to the upper end of this channel near 1.2775.  The confluence of the 61.8% fibo of 1.2976-1.2457 / trendline from 1.2976 intersects on July 28th.  This also happens to be the 78.6% fibo of 1.2859-1.2456.  Short term support is at yesterday's low at 1.2585.

USD/JPY - USD/JPY continues to probe the downside following Wednesday's outside day at the upper Bollinger band.  It appears that yesterday's rally to 117.11 was the choppy second wave of a larger 3 wave correction that could ultimately take the pair lower to a confluence of fibo supports - notably the combination of the 23.6% of 108.96-117.88 / 50% of 113.43-117.88 at 115.66/79.  A push lower would then target the confluence of the 38.2% of 108.96-117.88 / 78.6% of 113.43-117.88 at 114.39/48.  Resistance is at former intraday support / breakout point this morning at 116.54.   

GBP/USD - We continue to hold the view from yesterday that the "first target for the end of this rally would be where the rally from 1.8176 equals the rally from 1.8090-1.8539 (449 pips) - which would be (1.8176 + .0449 = 1.8625).  This is reinforced by the 61.8% fibo of 1.9025-1.8090 at 1.8666.  The pair is overbought on the hourly, so look for support near the 7/17 high at 1.8394."  The pair is currently testing important resistance from daily highs at 1.8539 (7/7) and 1.8556 (6/16).  Due to the rapid move to the upside, meaningful support is not until today's low at 1.8466.

USD/CHF - USD/CHF has broken through the 1.2450 level and currently tests support from the 38.2% fibo of 1.2190-1.2595 at 1.2392.  There is an upward sloping channel that is forming on the daily chart from the 1.1919 low and the supporting line comes in at 1.2255 (the trendline increases roughly 7 pips per day).  Bullish divergence with RSI on the hourly along with RSI in oversold territory argues for a bounce in the near term.  The 7/18 and 7/19 lows at 1.2444/47 are immediate resistance.

USD/CAD - USD/CAD is rapidly approaching the confluence of the 38.2% fibo of 1.1039-1.1406 / 7/14 low at 1.1255/66.  If support holds, then look for a resumption of strength from the break above the ascending triangle on the daily.  However, a break lower indicates that the pair is in for a deeper retracement - perhaps to the 50% fibo / 7/11 low at 1.1221.  The 7/18 low at 1.1304 provides resistance. 

AUD/USD - AUD/USD corrected lower to just below the .7500 figure before moving an impulsive move higher to .7520.  The pair continues to hold above a short term resisting trendline from the .7565 high on 7/13.  Scope does remain for a deeper correction on a failure at the .7530 high from yesterday, potentially to the 38.2% fibo of .7403-.7512 at .7470.  This is also former intraday support.  The long wick on the daily candle (Wednesday) is bullish and a continuation of the move higher challenges the 7/13 high at .7565.

NZD/USD - As mentioned yesterday, Kiwi holds above a supporting trendline from the .5927 low.  Current price is more or less right at that line, which needs to hold in order to keep the near term bias bullish.  As such, risk to the downside is limited at current price.  A break below the line could see support from yesterday's low at .6164.  A break above the 61.8% fibo of .6443-.5927 at .6245 would bolster bullish prospects.  RSI on the hourly is just above 50 - suggesting that there is plenty of room left to move higher.  Price is also supported by the 50 day SMA - which is at the psychological .6200 figure.

Jamie Saettele is a Technical Currency Analyst for FXCM.