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For the 24 hours to 23:00 GMT, the USD declined 0.47% against the JPY and closed at 113.31.

In the Asian session, at GMT0300, the pair is trading at 113.05, with the USD trading 0.23% lower against the JPY from yesterday's close.

The pair is expected to find support at 112.74, and a fall through could take it to the next support level of 112.44. The pair is expected to find its first resistance at 113.54, and a rise through could take it to the next resistance level of 114.04.

Looking forward, Japan's final industrial production for May, scheduled to release tomorrow, will garner market attention.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.17% against the CHF and closed at 0.9652.

In the Asian session, at GMT0300, the pair is trading at 0.9636, with the USD trading 0.17% lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9605, and a fall through could take it to the next support level of 0.9575. The pair is expected to find its first resistance at 0.9664, and a rise through could take it to the next resistance level of 0.9693.

Moving ahead, investors will keep a close watch on Switzerland’s producer and import prices data for June, slated to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

For the 24 hours to 23:00 GMT, the USD declined 1.21% against the CAD and closed at 1.2758.

The Canadian Dollar gained ground, after the Bank of Canada (BoC), at its latest monetary policy meeting, raised its key interest rate for the first time in seven years.

The BoC raised the target for its overnight lending rate to 0.75% from 0.50%. In a statement accompanying the rate decision, the BoC Governor, Stephen Poloz, sounded upbeat on the Canadian economy, stating that recent data has bolstered the bank's confidence in its growth outlook.

In the Asian session, at GMT0300, the pair is trading at 1.2737, with the USD trading 0.16% lower against the CAD from yesterday's close.

The pair is expected to find support at 1.2632, and a fall through could take it to the next support level of 1.2528. The pair is expected to find its first resistance at 1.289, and a rise through could take it to the next resistance level of 1.3044.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

Short term NIFTY Elliott Wave view suggests the rally to 9709.3 ended Intermediate wave (1), and the pullback to 9449.06 low ended Intermediate wave (2). Intermediate wave (3) is unfolding as an Elliott wave double three structure where Minor wave W of (3) is currently in progress towards 9894.8 – 9954.5.

Up from 6/30 low at 9449.06, Minor wave W of (3) is unfolding as an Elliott Wave double three structure where Minute wave ((w)) ended at 9700.7 and Minute wave ((x)) ended at 9642.65. Wave ((y)) is in progress also as a double three structure where Minutte wave (w) ended at 9830.05, and Minutte wave (x) pullback is proposed complete at 9778.85.

Near term focus is on 9894.8 – 9954.5 to complete Minor wave W and end cycle from 6/30 low. Afterwards, Index should pullback in Minor wave X in 3, 7, or 11 swing to correct cycle from 6/30 low before the rally resumes. We don’t like selling the Index and expect buyers to appear once wave X is complete provided pivot at 9449.06 stays intact.

NIFTY 1 Hour Elliott Wave Chart

Daily Pivots: (S1) 1.1372; (P) 1.1430 (R1) 1.1470; More.....

Intraday bias in EUR/USD remains neutral for the moment. With 1.1382 minor support intact, further rise is expected. Break of 1.1489 will extend recent rally from 1.0339 to 1.1615 key resistance next. On the downside, break of 1.1382 will suggest short term topping, possibly on bearish divergence condition in 4 hour MACD. In such case, lengthier consolidation would be seen before another rally.

In the bigger picture, the firm break of 1.1298 resistance further affirm medium term reversal. That is an important bottom was formed at 1.0339 on bullish convergence condition in weekly MACD. Further rise would be seen to 55 month EMA (now at 1.1763). Sustained break there will pave the way to 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 next. This will now remain the favored case as long as 1.1118 support holds.

Daily Pivots: (S1) 1.2827; (P) 1.2867; (R1) 1.2922; More...

Intraday bias in GBP/USD remains neutral first. On the upside, break of 1.2926 minor resistance will indicate completion of pull back from 1.3029. Intraday bias would then be turned back to the upside for 1.3047 resistance. Break will target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168 next. However, sustained break of 1.2849 will dampen our near term bullish view and turn focus back to 1.2588 support.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is now in favor, overall outlook remains bearish as long as 1.3444 key resistance holds. Larger down trend from 1.7190 is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

Daily Pivots: (S1) 0.9616; (P) 0.9639; (R1) 0.9676; More......

Intraday bias in USD/CHF remains neutral for the moment. Consolidation from 0.9551 is still in progress. In case of another rise, upside is expected to be limited by 0.9770 resistance and bring fall resumption. Below 0.9595 minor support will turn intraday bias back to the downside. In such case, USD/CHF should fall through 0.9551 support resume the whole fall from 1.0342 and target 0.9443 key support level next. We'd expect strong support from there to bring rebound. Meanwhile, firm break of 0.9770 will indicate near term reversal, on bullish convergence condition in 4 hour MACD.

In the bigger picture, USD/CHF is still bounded in medium term range of 0.9443/1.0342 for the moment. Consolidative trading would likely continue and medium term outlook remains neutral. Break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the pair. Meanwhile, downside attempts should be contained by 0.9443 key support level. However, sustained break of 0.9443 will carry larger bearish implication and target 0.9 handle.

Daily Pivots: (S1) 112.73; (P) 113.35; (R1) 113.77; More...

USD/JPY is still holding on to 112.88 support so far and intraday bias remains neutral first. Firm break of 112.88 will argue that rebound from 108.81 has completed at 114.49 after being rejected by 114.36 key near term resistance. That would also argue that the correction from 118.65 is still in progress. In such case, intraday bias will be turned back to the downside for 55 day EMA (now at 111.98). On the upside, decisive break of 114.36 resistance will confirm that corrective pull back from 118.65 has completed at 108.12. In that case, further rally would be seen to retest 118.65.

In the bigger picture, the corrective structure of the fall from 118.65 suggests that rise from 98.97 is not completed yet. Break of 118.65 will target a test on 125.85 high. At this point, it's uncertain whether rise from 98.97 is resuming the long term up trend from 75.56, or it's a leg in the consolidation from 125.85. Hence, we'll be cautious on topping as it approaches 125.85.

Daily Pivots: (S1) 0.7645; (P) 0.7664; (R1) 0.7696; More...

Intraday bias in AUD/USD remains on the upside for 0.7711. Break there will extend the rise from 0.7328 through 0.7748, possibly to 0.7833. Still, there is no clear sign of range breakout yet. Hence, we'd be cautious on topping again as it approaches medium term fibonacci level at 0.7849. On the downside, below 0.7641 minor support will extend the consolidation pattern from 0.7711 with another fall. But outlook will remains mildly bullish as long as 0.7534 support holds.

In the bigger picture, we're still treating price actions from 0.6826 low as a corrective pattern. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8082) and above.

Daily Pivots: (S1) 1.2884; (P) 1.2914; (R1) 1.2943; More....

USD/CAD's fall from 1.3793 is still in progress and extends to as low as 1.2679 so far. The break of near term channel support indicates downside acceleration. Intraday bias stays on the downside. Current decline should target a test on 1.2460 low. On the upside, break of 1.2938 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The second leg should have finished at 1.3793. Break of 1.2460 will extend such correction to 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we'd look for strong support from there to contain downside and bring rebound. However, firm break there will target 100% projection of 1.4689 to 1.2460 from 1.3793 at 1.1564.