Our outlook for the Euro against the US Dollar effectively remains unchanged. “After massive rallies that swiftly took it to multi-month highs, the Euro/US Dollar is likely to continue its correction before any further ascent. As it stands, the pair remains in a very tight short-term trading range, and the absence of any real speculative interest on a holiday-shortened trading week suggests we may see similarly lackluster price action through the very short-term."

Our outlook for the Euro against the US Dollar effectively remains unchanged. “After massive rallies that swiftly took it to multi-month highs, the Euro/US Dollar is likely to continue its correction before any further ascent. As it stands, the pair remains in a very tight short-term trading range, and the absence of any real speculative interest on a holiday-shortened trading week suggests we may see similarly lackluster price action through the very short-term. Our bias remains to the downside, but a hold of near-term support at 1.3825 suggests that the pair could drift higher or trade sideways until further notice.”

Our outlook for the US Dollar/Japanese Yen pair likewise remains unchanged, as the duo have effectively remained flat. “The US Dollar/Japanese Yen may continue to bounce from recent multi-year lows, as the pair has hit the bottom of its multi-year trend channel and quickly reversed. The lows likewise coincide with heavily oversold weekly oscillators, and a return to more normal market conditions would favor further US Dollar recovery. Multi-year spike lows at 87.14 should serve as a base, while next resistance is seen at the top of its short-term downtrend near 93.00. “

At the risk of sounding repetitive, sideways price action in the British Pound/US Dollar leaves our bias exactly unchanged. “The British Pound has found a short-term base against the US Dollar, holding highly-contested support near the psychologically significant 1.4700 mark. Its recent price formation likewise looks vaguely like an inverse head and shoulders pattern, and a break above 1.5500 would signal that a more medium term reversal is likely. Shorter-term, the British Pound looks to challenge previous spike-highs at the psychologically significant 1.5000 mark. “

We maintain that the US Dollar/Swiss Franc is likely to hold important Fibonacci support through the near future. “The 1.0670 mark represents the 61.8 percent Fibonacci retracement of the 1.2300-0.9640 move, and said level may continue to contain declines through price action in the coming weeks. The shorter-term picture is much more difficult to decipher, as the severity of recent USD/CHF moves leaves little in the way of significant resistance levels. Previous spike-highs just above 1.1300 represent the next level of clear resistance, and the USD/CHF could effectively remain within a range through the holiday-shortened week of trading.”

Our outlook for the USD/CAD has remained effectively unchanged as price has remained stable. “The US dollar has found a base against the Canadian Dollar at the 1.2000 mark, representing the confluence of the USD/CAD’s short-term rising trendline and the 38.2 percent Fibonacci retracement of the 1.0300-1.3020 move. Said level is likely to contain any short-term declines in the USD/CAD, while intraday spike-highs near 1.2400 represent subsequent support. A break below 1.2000 would negate our short-term bullish bias. “

Our Australian Dollar outlook remains unchanged on almost-exactly flat AUD/USD price action. “The Australian dollar has shown clear difficulty in clearing psychologically significant support at 0.7000 against the US Dollar, which likewise represents the 38.2 percent Fibonacci retracement of the 0.8520-0.6010 decline. Inability to clear said resistance mark would definitively suggest that likely short-term direction is to the downside—favoring Australian dollar weakness. Support can be found at the AUD/USD’s short-term rising trendline, which roughly comes in at 0.6800. A break lower signals that a move towards previous support in the 0.6500-0.6600 range is likely.”

The New Zealand dollar finds itself almost exactly at support of a minor rising short-term trendline, with a break lower to signal further declines are likely. The pair has thus far failed at the 50.0 percent Fibonacci retracement of 0.6960-0.5190 at 0.6070, and such a move keeps our short-term trading bias to the downside. A break of 0.5700 invites a move towards intraday congestion zones in the 0.5400-0.5500 range.

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