EUR/USD ââ,¬â€œ The EURUSD has rallied violently to just above the 61.8% of 1.2938-1.2630 at 1.2822 (todayââ,¬â"¢s high is at 1.2835).  RSI jas declined below 70 as a result of recent weakness.  Daily studies are again bullish as price broke through both the 1 and 3 month SMAs, MACD slope is positive and RSI is above 50.  Support is at the 38.25 of 1.2630-1.2835 at 1.2757 and a break below the 9/19 high at 1.2730 suggests that a top is in place at 1.2835, which is now resistance.  A break above 1.2835 targets 1.2880.
 
USD/JPY ââ,¬â€œ The USDJPY broke below a 4 month trendline yesterday and is now consolidating losses.  Daily oscillators are declining and favor bears.  22 day momentum reached negative territory yesterday for the first time since 8/24.  Resistance is at the 38.2% of 118.28-116.20 at the 117.00 figure (this is also the 9/18 through 9/20 lows).  The next bearish target is the 9/5 low at 115.55.  A break below the 3 month SMA, which is at 116.16, would bolster bearish prospects.

GBP/USD ââ,¬â€œ Cable has rallied to previous congestion and topping area near 1.9070.  A topping scenario is favored now as well by hourly oscillators, which are overbought and exhibit divergence at current price.  The extent of this rally from 1.8733 suggests that the pair is tracing out a c wave ââ,¬â€œ this is the final rally to complete the correction of the 1.9091-1.8602 decline.  A break back below 1.8918 would begin to suggest that the rally is over and that the path of least resistance is down.

USD/CHF ââ,¬â€œ USDCHF is approaching a 4 month trendline but must first overcome support from the 3 month SMA at 1.2371.  Daily studies favor an eventual challenge of the trendline though ââ,¬â€œ MACD slope is negative and RSI has slipped below 50.  Hourly RSI is extremely oversold and favors a rally attempt.  Initial resistance is at yesterdayââ,¬â"¢s low at 1.2413.

USD/CAD ââ,¬â€œ The USDCAD has retraced 61.8% of its 1.1028-1.1299 rally in a 3 wave corrective manner.  Hourly oscillators are oversold but a break through the 61.8% fibo exposes the 78.6% at 1.1087.  Support at current price is reinforced by the 22 day SMA at 1.1144.  Initial resistance is todayââ,¬â"¢s high at 1.1208.

AUD/USD ââ,¬â€œ AUDUSD pushed through the former high at .7578 momentarily yesterday but reversed course at .7583.  The pair has since traded down to the middle of its .7500-.7575 range.  The nearly two week consolidation has taken place following the decline from .7721, thus probability favors a break lower rather than higher.  The 9/13 low at .7481 remains support.  A break below .7481 exposes the 61.8% of .7270-.7721 at .7442.

NZD/USD ââ,¬â€œ Kiwi is little changed from yesterday and the short term head and shoulders (visible on the hourly) remains.  A break below the 9/20 low at .6546 would complete the pattern and possibly trigger additional selling towards the 61.8% of .6341-.6657 at .6462.  Hourly studies are declining and thus bearish and daily CCI has declined from above 100, which favors a longer term turn lower.  The bearish stance is negated on a break above the 9/18 high at .6657.  Price would then probe the 61.8% of .7198-.5927 at .6712.

Jamie Saettele is a Technical Currency Analyst for FXCM.