EUR/USD â�,�“ The EURUSD is right at support from the trendline drawn through 1.2456 and 1.2630 at 1.2660.  Trendline support is reinforced by 9/8, 9/11, 9/26 and 9/27 daily lows ranging from 1.2647 to 1.2669.  However, daily studies remain overwhelmingly bearish.  Oscillators are all sloping down and below midpoints.  Additionally, we got a bearish 22, 66 day SMA cross yesterday (1, 3 month).  The 132 day (6 month) SMA is at 1.2656 â�,�“ 1 pip from todayâ�,��"�s low.  A daily close below the trendline at 1.2660 bolsters the bearish picture.  Any bounce from mentioned support targets yesterdayâ�,��"�s high at 1.2731.

USD/JPY â�,�“ The USDJPY continues to push higher towards the 9/18 high at 118.28.  Price has rallied back above the supporting trendline drawn through 108.96, 113.95, and 155.55.  Dealer RSI is overbought and has hovered near overbought for 2 days â�,�“ suggesting that upside risk is limited â�,�“ especially with the 118.28 high so close.  An eight year resisting trendline is at 118.43 (line is below on chart).  Time makes this trendline extremely significant.  A major decline has occurred each time this line has held as resistance.  Of course, if the resistance fails, then USDJPY could skyrocket towards the 2/3 high at 119.38 and the 12/5/2005 high at 121.38.  A break below todayâ�,��"�s low at 117.50 could spark some selling interest and/or a liquidation scenario.

GBP/USD â�,�“ Cable has plummeted and is below the 2 month trendline drawn through 1.8176 and 1.8602.  The break below the line bodes well for the longer term bearish picture but 240 minute RSI is rising from below 30 â�,�“ indicating that there may be an interim bottom at 1.8663.  Initial resistance on a retrace is the trendline at 1.8740 (increases about 11 pips per day).  Fibo resistance is not until 1.8819 (38.2% of 1.9072-1.8663).  A move below 1.8663 targets the 9/11 low at 1.8602.

USD/CHF â�,�“ We mentioned yesterday that â�,��"It appears that a bullish ascending triangle formation is forming and scope remains for a test of the 1.2525-1.2622 resistance zone.â�,�  Price has skyrocketed to 1.2550 today â�,�“ which is the 78.6% of 1.2622-1.2288.  A double top from the 7/19 and 9/15 highs at 1.2595 and 1.2622 looms as resistance going forward.  The 22 day SMA has crossed above the both the 66 day and 132 day moving averages (1,3, and 6 month SMAs).  This is a longer term bullish signal.  Support on a pullback is the 9/28 high at 1.2489.

USD/CAD â�,�“ We remarked yesterday that â�,��"Wave structure remains bullish as the decline from 1.1294 follows a 5 wave rally from 1.1028 to 1.1294.  In addition, support is reinforced by the 78.6% of 1.1028-1.1294 at 1.1085.â�,�  Yesterdayâ�,��"�s low was at 1.1085.  Long wicks below the bodies of recent daily candles denote strong support at this juncture.  A break above 1.1205 improves the outlook for bulls but it takes a dip below 1.1028 to negate bullish implications from the mentioned 5 wave rally.

AUD/USD â�,�“ We have continues to reiterate that probability favors a break lower rather than higher.  The pair has broken below the range low at .7481 and is now testing fibo support at .7443 (61.8% of .7270-.7721).  Additional weakness exposes the 7/19 low at .7403.  This may very well be a 3rd wave (either a C or a 3) â�,�“ if it is, then weakness should persist until at least .7333 â�,�“ which is where wave A (or 1) would equal wave C (or 3).  The break of the recent range favors an impulsive move.  Resistance on a pullback is the former range low at .7481.

NZD/USD â�,�“ The decline that began on 9/26 has stalled at the .6500 figure â�,�“ testing .6504 this morning.  Wednesdayâ�,��"�s commentary focused on the phenomenon that is a 100 pip move in NZDUSD and what that typically has meant for the currency pair.  Traditional technical indicators also resonate a bearish tone.  CCI has declined from below 100, RSI has declined from below 70, and MACD slope is negative.  A break below .6504 exposes the trendline drawn through .5927 and .6342 â�,�“ the line is at .6450 today.  Only a push above an intraday pivot low at .6650 from 9/26 negates the bearish view.

Jamie Saettele is a Technical Currency Analyst for FXCM.