EUR/USD ââ,¬â€œ Price is little changed from Friday, as EUR/USD remains in a triangle formation within a short-term down trending channel. A break through the top of the triangle and channel could target the early December highs of 1.3350. However, easing oscillators could signal that price will continue to consolidate within the range and take aim at the support line of the triangle which currently sits at 1.3110. If that level is breached, the pair could aim for 1.3050, which is the 12/17 low. 

USD/JPY ââ,¬â€œ The USDJPY continues to be hemmed in by the massive resistance at the 119.00 level as the pair presses to the upside on the daily, 4 hour and 1 hour charts.  RSI is moving towards overbought territory on the daily, but with the indicator still pointing upwards, the rally could continue.  Should the pair break above the 119.00 ceiling, it may target the 119.87 high of 10/13.  On the other hand a hard break below 118.30 (the 10-day SMA) could well lead the pair lower to test the confluence of moving averages that are between 117.10-117.40.

GBP/USD ââ,¬â€œ Over the past few weeks, Cable has not strayed far from the 1.9432 ââ,¬â€œ 1.9748 range, as price remains contained within a short-term down trending channel on the 240 minute chart. With daily oscillators gradually weakening, GBPUSD appears to be losing momentum and could decline to target the 12/18 low of 1.9432. However, a surge higher would face resistance at the 12/20 high of 1.9747.

USD/CHF ââ,¬â€œ USD/CHF has held at the topside of its month-long range for the past 7 trading days.  MACD on the daily charts is indicating that the currencyââ,¬â"¢s momentum is beginning to wane.  With such a tight trading range over the past week, a breakout could be explosive.  Should the pair rally above 1.2270, which is last Mondayââ,¬â"¢s high and the upper Bollinger Band, we could see price target 1.2400, the point where it broke down in November.  However a break below support at 1.2100, would take aim at 1.1880, the year to date low. 

USD/CAD ââ,¬â€œ USDCAD remains contained in an upward trending channel with price recently gaining momentum from the 12/20 low at 1.1428. This break of the 61.8% Fibonacci retracement of the 1.1800-1.0930 bear wave has cemented the upward bias in the currency pair.  We would need to see a break below that point (1.1470) to negate the bullish bias.  However if we clear the channel trendline resistance of 1.1600, price could take aim at 1.1773, the 4/3/06 high. 

AUD/USD ââ,¬â€œ Aussie refuses to move from the .7850 area as price continues to consolidate, though the pair is just barely holding above support at the 31.8% fibo of .7615 - .7929. The next move higher targets the .7890 swing high set on 12/13/06 just below the important .7900 level which the pair was unable to overcome on the first attempt higher. A break below the near term hammer at .7820 negates the bullish view and suggests yet another retest of recent lows at .7790.

NZD/USD ââ,¬â€œ Kiwi momentum picked up again as the NZDUSD pair attempts a solid break through massive resistance at the .7000 level. RSI has enter overbought territory, meaning weââ,¬â"¢ll be looking for a drop below the 70 level for a turn in prive. The daily charts show that NZDUSD could be in a monstrous head and shoulders pattern with the left shoulder at the 2/17/2004 high, and the head at the 3/17/2005 high. If Kiwiââ,¬â"¢s uptrend falters at current price, Kiwi could be set to make hefty declines towards .6000. However, a sustained break higher could bring the pair to the 2/18/2004 high of .7095.

Jamie Saettele is a Technical Currency Analyst for FXCM.