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For the 24 hours to 23:00 GMT, the USD rose 0.21% against the CHF and closed at 0.9978 on Friday.

In the Asian session, at GMT0400, the pair is trading at 0.9960, with the USD trading 0.18% lower against the CHF from Friday’s close.

The pair is expected to find support at 0.9936, and a fall through could take it to the next support level of 0.9913. The pair is expected to find its first resistance at 0.9985, and a rise through could take it to the next resistance level of 1.0011.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CAD and closed at 1.3336 on Friday.

In economic news, Canada’s manufacturing shipments unexpectedly climbed 0.6% MoM in January, compared to a revised rise of 2.1% in the previous month. Markets were anticipating manufacturing shipments to drop 0.3%.

In the Asian session, at GMT0400, the pair is trading at 1.3323, with the USD trading 0.1% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.3291, and a fall through could take it to the next support level of 1.3259. The pair is expected to find its first resistance at 1.3366, and a rise through could take it to the next resistance level of 1.3409.

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

Daily Pivots: (S1) 1.3883; (P) 1.3968; (R1) 1.4012; More...

Intraday bias in EUR/AUD remains neutral at this point. Outlook is unchanged and we're still slightly favoring the case of trend reversal after defending key support level at 1.3671, on bullish convergence condition in daily MACD. On the upside, above 1.4183 will turn bias to the upside for 1.4289 resistance next. Break will affirm our view and target next key resistance level at 1.4721. However, break of 1.3874 minor support will invalidate our view and turn bias back to the downside for retesting 1.3624 low.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. We'd expect strong support from 1.3671 key level to contain downside and bring rebound. Up trend from 1.1602 should not be finished and will resume later. Break of 1.4721 resistance will indicate completion of such correction and turn outlook bullish for retesting 1.6587 high. However, sustained break of 1.3671 will invalidate our bullish view and would turn focus back to 1.1602 long term bottom.

Daily Pivots: (S1) 1.0694; (P) 1.0718; (R1) 1.0742; More...

Intraday bias in EUR/CHF remains neutral for the moment. Prior rejection from 55 week EMA mixed up near term outlook. But still, on the upside, break of 1.0823 resistance will re-affirm the case of trend reversal. And intraday bias will be turned back tot he upside for 1.0897 resistance for confirmation. However, break of 1.0683 minor support will turn bias to the downside for 1.0620 key support level again.

In the bigger picture, the decline from 1.1198 is seen as a corrective move. Decisive break of 1.0897 resistance should confirm that it's completed. And in that case, larger up trend is resuming for another high above 1.1198. Meanwhile, sustained trading below 38.2% retracement of 0.9771 to 1.1198 at 1.0653 will target 50% retracement at 1.0485.

Key Points:

• Dollar bulls largely disappointed by FOMC meeting.
• RSI Oscillator still has room to move on the downside.
• Continued depreciation likely but watch for a Dollar rebound in the near term.

The USD/JPY had a relatively torrid week as the pair was beset by a negative greenback sentiment swing following the FOMC decision. The central bank’s lack of hawkish guidance was the main culprit and this sent the pair sharply lower to close the week over 200 pips lower at 112.69. However, it remains to be seen how the pair will cope in the coming week as the veritable bevy of FOMC pundits hit the wires to shape the markets expectations.

Last week was highly negative for the USDJPY as the pair fell sharply as the U.S. Fed’s decision on interest rates hit the wires. Although the central bank followed through on the expectation of rate hikes, and raised the FFR 25bps to 1.00%, they failed to signal the start of the expected cycle of tightening. Subsequently, Dollar bulls were caught short footed and the appetite for the greenback immediately leaked out of the market. Subsequently, the USDJPY slipped over 200 pips to close the week well down at 112.69. The Fed decision also largely overshadowed a relatively poor JPY Core Machinery Orders result which fell into contraction at -3.2% m/m.

The week ahead is likely to focus sharply on a range of speeches that are due out from the U.S. Federal Reserve, with the market’s interest largely falling on what Janet Yellen has to say. Given the turmoil that the greenback has seen over the past few days, it’s all but assured that the Fed’s PR machine will be out in force to stabilise market expectations. Subsequently, expect to see plenty of volatility as the Fed moves into `Jaw Boning’ mode. On the Japanese side, the Trade Balance figures are also due out early in the week but are unlikely to provide much in the way of movement for the pair.

From a technical perspective, price action’s recent dip below the 100 day MA appears to be beckoning in a move to the short side. In addition, the RSI Oscillator is trending sharply lower and still remains firmly wedged within neutral territory suggesting that there is still room to move. Subsequently, our initial bias is bearish for the week ahead with the caveat to watch for a rebound around the 111.61 mark. Support is currently in place for the pair at 112.55, 111.61, and 110.61. Resistance exists on the upside at 113.74, 114.75, and 115.50.

Ultimately, the pair retains its bearish predilection and it will take a significant boost from all of the FOMC member speeches due out in the next week to stem the tide. However, note that the greenback is unlikely to stay depressed for long, so be prepared for a rebound at some stage lest you get caught out.

Daily Pivots: (S1) 1.0715; (P) 1.0748 (R1) 1.0770; More.....

With 1.0639 minor support intact, intraday bias in EUR/USD remains on the upside for 1.0828 resistance. Corrective rise from 1.0339 is still in progress and break of 1.0828 will target 100% projection of 1.0339 to 1.0828 from 1.0494 at 1.0983. Since such rise is viewed as a corrective move, we'd expect upside to be limited by 1.0983 to bring larger down trend resumption eventually. On the downside, break of 1.0639 minor support will turn bias back to the downside for 1.0494 support.

In the bigger picture, as long as 1.1298 key resistance holds, whole down trend from 1.6039 (2008 high) is still expected to continue. Break of 1.0339 low will send EUR/USD through parity to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115.

Daily Pivots: (S1) 1.2342; (P) 1.2373; (R1) 1.2423; More...

GBP/USD's rebound from 1.2108 is still in progress and intraday bias remains on the upside for 1.2569 resistance. Current development suggests that consolidation pattern from 1.1946 is extending with another rising leg. And the larger down trend is not ready to resume yet. Break of 1.2569 will target .2705/74 resistance zone next. At this point, we'd expect strong resistance from 1.2705/2774 to limit upside to extend the sideway pattern. Break of 1.2240 minor support will turn bias back to the downside for 1.2108 support. Though, sustained break of 1.2774 will extend the rise towards 1.3444 key resistance level.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term bottoming yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.

Daily Pivots: (S1) 0.9951; (P) 0.9969; (R1) 0.9995; More.....

With 1.0018 minor resistance intact, intraday bias remains downside in USD/CHF for 0.9860 support. Recovery from 0.9860 has completed at 1.0169 and whole decline from 1.0342 is likely resuming. Break of 0.9860 will target 100% projection of 1.0342 to 0.9860 from 1.0169 at 0.9687. On the upside, above 1.0018 minor resistance will turn bias neutral. But outlook will now stay bearish as long as 1.0169 resistance holds.

In the bigger picture, USD/CHF is staying in medium term sideway pattern between 0.9443/1.0342. In any case, decisive break of 1.0342 resistance is needed to confirm underlying strength. Otherwise, we'll stay neutral in the pair first. In case of another fall, we'd expect strong support from 0.9443/9548 support zone.

Daily Pivots: (S1) 112.29; (P) 112.89; (R1) 113.22; More...

Intraday bias in USD/JPY remains on the downside for the moment as fall from 115.49 continues. As noted before, consolidation pattern from 111.58 has completed with three waves up to 115.49. And decline from 118.65 is likely resuming. Further fall should be seen through 111.58 to 111.12/13 cluster support. This level represents 61.8% projection of 118.65 to 111.58 from 115.49 at 111.12 and 38.2% retracement of 98.97 to 118.65 at 111.13. At this point, we'd tentatively expect strong support from 111.12/13 cluster support to contain downside. On the upside, above 113.53 minor resistance will turn bias to the up for 115.49 resistance. However, sustained break of 111.12/13 will bring deeper decline to 100% projection of 118.65 to 111.58 from 115.49 at 108.42.

In the bigger picture, price actions from 125.85 high are seen as a corrective pattern. The impulsive structure of the rise from 98.97 suggests that the correction is completed and larger up trend is resuming. Decisive break of 125.85 will confirm and target 61.8% projection of 75.56 to 125.85 from 98.97 at 130.04 and then 135.20 long term resistance. Nonetheless, sustained trading below 55 week EMA (now at 111.19) will extend the consolidation from 125.85 with another fall through 98.97 before completion.

Daily Pivots: (S1) 1.3304; (P) 1.3341; (R1) 1.3379; More...

Intraday bias in USD/CAD remains neutral as it's staying in the consolidation from 1.3275 temporary low. Decline from 1.3534 might extend lower and below 1.3275 will turn bias to the downside. But such fall is still seen as a corrective pattern. Hence, we'd expect downside to be contained by 1.3211 cluster level (61.8% retracement of 1.3008 to 1.3534 at 1.3209) and bring rebound. On the upside, above 1.3420 minor resistance will indicate that the pull back is completed and turn bias back to the upside for 1.3534 resistance and then 1.3598. However, sustained break of 1.3211 will dampen this view and target 1.2968 key support level next.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. The second leg is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We'd look for reversal signal there to start the third leg. Break of 1.2968 wold at least bring at retest of 1.2460 low. However, sustained trading above 1.3838 would pave the way to retest 1.4689 high.