EUR/JPY - EUR/JPY punctured 146.00 last week before embarking on this latest rally.  The 7/27 high at 148.03 is just above current price and is potential resistance.  However, RSI on the hourly is overbought and suggests that upside potential is limited.  Watch the oscillators on the daily if this rally exceeds the 148.03 high.  If bearish divergence is present, then upside momentum is slowing and a turn to the downside could materialize.  Initial support is at the 8/3 high at 147.33.

EUR/CHF - EURCHF formed a double top on Friday with the 7/27 high at 1.5788 and the pair has subsequently traded over 100 pips lower.  Daily oscillators are slowly turning more bearish.  MACD slope is negative and RSI is also sloping down (although still above 50).  Immediate support is at the 7/31 low at 1.5694 and a break below there would expose a supporting trendline on the daily (from the 5/18 low at 1.5448) at around 1.5638.

EUR/GBP - EURGBP has plummeted, breaking below the 5/17 low at .6752.  The next area of congestion and possible support is the area bound by the 11/14/2005 low and 12/12/2005 low between .6700 and .6719.  RSI is in oversold territory on the daily - which historically does not happen often.  Hourly oscillators show slight bullish divergence - thus a correction may be due.  Initial resistance is at the breakout point (former low) at .6752.

Jamie Saettele is a Technical Currency Analyst for FXCM.