EUR/USD - EUR/USD has continued to rally (as we have favored) and currently sits right at the 1.2800 figure.  The pair has ascended in a diagonal triangle, which would favor a thrust higher before a pronounced decline.  The former high (7/7) at 1.2859 intersects with a trendline on the daily (from the 1.3666 and 1.2670 highs) on Friday.  CCI on the daily is above 100, which also favors one more thrust higher but also indicates that the move up is getting tired.  If strength does continue, past 1.2860, then resistance comes in at the 6/5 high of 1.2976.

USD/JPY - USD/JPY has held below the 115.00 figure and spent most of the morning around 114.50.  Trend structure on the hourly is bearish as the most probable count places USD/JPY in a 5th wave (possible still in a 4th wave consolidation that will lead to a 5th wave down).  The 3rd wave (117.38-114.17) is likely extended, which favors similar 1st and 5th waves.  If wave 5 began at 115.20 and is to equal wave 1, then the move down would last until 113.13 (115.20-(117.88-115.81).  Support also comes in at the confluence of the 50% fibo of 108.96-117.88 / 7/10 low at 113.42.  Resistance is at yesterday's high at 115.20.        

GBP/USD - We mentioned yesterday that "A break above the 1.8688 high could see an assault on the 78.6% fibo of 1.9025-1.8090 at 1.8823."  We'll stick to that statement.  Cable has traded as high as 1.8786 this morning and the view is the same as that of EUR/USD.  That is, the recent rally is in a diagonal triangle, which often come to an end after a thrust upward through the resisting line of the triangle.  There is bearish divergence with oscillators on the hourly, but chart pattern supersedes indicator readings.  Support would be at the 7/31 high at 1.8688.   

USD/CHF - USD/CHF found support at the 50% fibo of 1.1919-1.2595 at 1.2257 and shows serious bullish divergence with oscillators on the hourly.  The pattern is the inverse as EUR/USD and GBP/USD.  That is, USD/CHF is falling in a diagonal triangle and the favored scenario going forward is a thrust down to complete the recent bout of weakness before a rally higher.  Support is at the 7/7 low at 1.2190. 

USD/CAD - USD/CAD has fallen back into the support zone from 1.1260/80.  The longer term bias is still bullish and remains so unless 1.1039 is broken to the downside.  Unless that happens, the series of higher lows is intact.  Immediate support is at the 7/31 low at 1.1218 with additional losses probing the supporting trendline from the ascending triangle on the daily - currently at 1.1128.  Momentum is down as oscillators on the daily exhibit negative slope. 

AUD/USD - From yesterday - "RSI is near oversold territory on the hourly and the idea that the dollar will decline against the other major pairs favors a bounce in the near term."  The bounce has played out and AUD/USD was resisted at the 78.6% fibo of .7791-.7270 at .7680.  There is a potential supporting trendline from the 7/19 low at .7403.  A break below there would bolster the bullish bias.  We are looking for a longer term turn to the downside in AUD/USD due to COT positioning.

NZD/USD - Kiwi continues to consolidate between mostly .6150 and .6200.  The last 4 days have seen the pair hover right at the 20 day SMA as well.  A break below .6143 would expose the 50% fibo of .5927-.6282 at .6104.  Daily oscillators are now bearish as RSI < 50 and MACD shows negative slope.  Resistance is the .6207 - the highs from 8/1 and today.

Jamie Saettele is a Technical Currency Analyst for FXCM.