Euro Bounces Back
Commentary: After making a spike double bottom at 1.3367 the EURUSD appears to have stabilized and now look sto be making a retrace rally. The pair however faces a series of resistance points in its climb higher needing to clear 1.3577, 1.3621, 1.3659 and 1.3701 in order to restablish a bulish bias

Strategy: A retrace rally is in the making but beware of resiatnce overhead

Japanese Yen Breaks 112.00
Commentary: USDJPY is grossly oversold having stretched itself more than 500 points from the 200 period SMA but massive volatiliy in the pair creates very wide ranging bars. Still the near term bias appears to the upside as price may want to retrace bacl to the moving average before retetsting the lows

Strategy: Long but cautious of massive volatility

British Pound Tests 1.9650
Commentary: Pound has made on of the more unique chart patterns carving out a spike bottom on the hourly time frame. The power of the reversal move has pushed the pair thropugh the initial resitance level of 1.9863 but it still faces multiple tests in its climb to higher ground.

Strategy: Move to flat (previously bearish), looking for a retrace to 1.9958 to get bearish again

Swiss Franc Below 1.2050
Commentary: USDCHF presents one of the more inetersting patterns today having found support at the 200 SMA level making a higher low which suggest that the bullish bias persists in the pair. However 1.2200 remains a key objective to overcome if the pair is to sustain any upside momentum

Strategy: Longs but mindful of the 1.1950 support level

Canadian Dollar Fails at 1.0800
Commentary: The USDCAD has staged a massive reversal breaking multiple supports along the way. The price asuggests further downside action to come as bears clearly have taken control of the pair. Only a shapr retrace above the 1.0750 level invalidates the down move anf for now the target could move well within the 1.0500 range

Strategy: Flat

Australian Dollar Erases Almost All Yearly Gains
Commentary: Aussie remains in a massive downtrend with both trendline and SMA resistance . So far the upside bounce has been meager at best with pair unable to hold hourly highs. A test of the double bottom at 7673 is likely.

Strategy: Flat

New Zealand Dollar Follows Suit
Commentary: Kiwi imuch like the Aussie has staged a rally off the lows. However the price action in the kiwi looks to be more constructive as the pair appears to have made a bottom at 6639 and now looks to 6900 an dthen further 7000 as next levels of resistance.

Strategy: Flat

Jamie Saettele is a Technical Currency Analyst for FXCM.