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Daily Pivots: (S1) 1.3258; (P) 1.3303; (R1) 1.3350; More...

Intraday bias in USD/CAD remains neutral for consolidation above 1.3250 temporary low. Further decline remains in favor as long as 1.3371 minor resistance holds. Below 1.3068/3112 support zone. Decisive there will indicate larger reversal and turn outlook bearish. On the upside, though, break of 1.3371 minor resistance will turn intraday back to the upside for 1.3467 resistance. Further break of 1.3467 will revive near term bullishness for 1.3664 key resistance.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we'd stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3157) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

Daily Pivots: (S1) 110.25; (P) 110.98; (R1) 111.42; More...

USD/JPY's fall accelerated to as low as 110.40 so far and focus is now on 110.35 support. Decisive break there will confirm that whole rebound from 104.69 has completed at 112.13. In that case, deeper fall should be seen back to 38.2% retracement of 104.69 to 112.13 at 109.28 next. On the upside, break of 111.15 minor resistance will turn bias back to the upside for retesting 112.13 high instead.

In the bigger picture, strong rebound from 104.69 argues that decline from 118.65 (2016 high) has completed with three waves down to 104.69, after failing 104.62. More importantly, the rise from 98.97 (2016 low) could be resuming. Decisive break of 114.54 resistance will add more credence to this bullish case and target 118.65. This will now be the favored case as long as 110.35 support holds. However, firm break of 110.35 will mix up the medium term outlook again and turn focus back to 104.69 low.

Daily Pivots: (S1) 0.9878; (P) 0.9944; (R1) 0.9994; More....

USD/CHF's decline from 1.0124 accelerated to as low as 0.9842 so far. Break of 0.9926 confirmed completion of rise from 0.9716 at 1.0124. Intraday bias stays on the downside for retesting 0.9716 support first. On the upside, break of 1.0010 minor resistance is needed to confirm completion of the fall. Otherwise, near term outlook will remain bearish in case of recovery.

In the bigger picture, focus is back on medium term trend line (now at 0.9803). Decisive break there argue that whole rise from 0.9186 has completed. Further break of 0.9716 will confirm reversal and target next next support level at 0.9541. Nevertheless, there is still a chance that price action from 1.0128 are forming a consolidative pattern with fall from 1.0124 as third leg. If this is the case, stronger support should be seen between 0.9716 and the trend line to contain downside.

Daily Pivots: (S1) 1.3133; (P) 1.3204; (R1) 1.3262; More....

Intraday bias in GBP/USD remains neural as consolidation from 1.3381 is in progress. As long as 1.2960 support holds, further rise is still expected. On the upside, firm break of 1.3381 will target 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. However, on the downside, firm break of 1.2960 will indicate that rebound from 1.2391 has completed earlier than expected. Deeper fall would then be seen to 1.2773 support for confirmation.

In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is now seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will dampen this view. Focus will be turned back to 1.2391 low and break will resume the fall from 1.4376 to 1.1946.

For the 24 hours to 23:00 GMT, the EUR rose 0.64% against the USD and closed at 1.1426.

On the macro front, Germany's producer price index climbed 2.6% on an annual basis in February, undershooting market expectations for an advance of 2.9%. The index had registered a similar rise in the previous month.

The US dollar declined against a basket of currencies yesterday, after the US Federal Reserve (Fed) decided to pause its interest rate hikes for 2019 in order to normalize its monetary policy.

The Federal Reserve, in its March interest rate meeting, decided to leave its key interest rate steady at 2.5%, as widely expected, amid signs of a slowdown down in the nation's growth momentum. The central bank signalled that interest rates are likely to remain unchanged for the remainder of the year and it is in no rush for an interest rate hike before 2020. On the outlook front, the central bank downwardly revised its forecasts for overall consumer price inflation, although core inflation is expected to remain at 2.0% over the next three years. Meanwhile, the Fed also confirmed that it intends to conclude the gradual reduction of its balance sheet by the end of September.

In the US, data showed that the MBA mortgage applications advanced 1.6% on a weekly basis in the week ended 15 March 2019, following a rise of 2.3% in the preceding month.

In the Asian session, at GMT0400, the pair is trading at 1.1422, with the EUR trading a tad lower against the USD from yesterday's close.

The pair is expected to find support at 1.1356, and a fall through could take it to the next support level of 1.1290. The pair is expected to find its first resistance at 1.1468, and a rise through could take it to the next resistance level of 1.1514.

Looking ahead, traders would closely monitor the Euro-zone's consumer confidence for March, set to release later in the day. Later in the day, the US Philadelphia Fed business outlook for March and the leading index for February along with initial jobless claims, will garner significant amount of investors' attention.

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

Daily Pivots: (S1) 1.1349; (P) 1.1398; (R1) 1.1462; More.....

EUR/USD's rebound from 1.1176 accelerated to as high as 1.1448. The break of 1.1419 resistance is taken as the first sign of medium term bottom. Intraday bias is now on the upside for 1.1514/1569 resistance zone first. On the downside, break of 1.1335 minor support is needed to indication completion of the rise from 1.1176. Otherwise, near term outlook will remain cautiously bullish in case of retreat.

In the bigger picture, current development suggests that a medium term bottom could be formed at 1.1176 already. That came after hitting 61.8% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.1186, on bullish convergence condition in daily MACD. Further rally could be seen back to 38.2% retracement of 1.2555 to 1.1176 at 1.1703. It's a bit early to confirm medium term bullish reversal. The structure of the rise from 1.1176 and reaction to 1.1703 fibonacci level will be watched for making an assessment later. But in any case, decisive break of 1.1176 is needed to confirm resumption of down trend. Otherwise, outlook is neutral at worst.

For the 24 hours to 23:00 GMT, the GBP declined 0.52% against the USD and closed at 1.3199, after British Prime Minister Theresa May confirmed that she was seeking a three-month delay the Brexit deadline.

In economic news, UK's consumer price index (CPI) advanced 1.9% on a yearly basis in February, more than market consensus for a rise of 1.8%. In the previous month, the CPI had recorded a gain of 1.8%. Meanwhile, Britain's retail price index growth slowed to a 6-year low level of 2.5% on an annual basis in February, at par market expectations. In the prior month, the index had registered a similar rise. Also, the nation's house price index climbed 1.7% on an annual basis in February, less than market anticipation for a rise of 2.4%. The index had registered a revised advance of 2.2% in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.3209, with the GBP trading 0.08% higher against the USD from yesterday's close.

The pair is expected to find support at 1.3150, and a fall through could take it to the next support level of 1.3092. The pair is expected to find its first resistance at 1.3264, and a rise through could take it to the next resistance level of 1.3320.

Going ahead, investors would await the Bank of England's interest rate decision followed by UK's public sector net borrowing and retail sales data, both for February, set 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 0.61% against the JPY and closed at 110.69.

On the data front, Japan's final machine tool orders sank 29.3% on an annual basis in February, confirming the preliminary print and following a decline of 18.8% in the prior month.

In the Asian session, at GMT0400, the pair is trading at 110.47, with the USD trading 0.20% lower against the JPY from yesterday's close.

The pair is expected to find support at 110.08, and a fall through could take it to the next support level of 109.69. The pair is expected to find its first resistance at 111.24, and a rise through could take it to the next resistance level of 112.01.

Looking ahead, traders would await Japan's national consumer price index for February and the Nikkei manufacturing PMI for March, scheduled to release overnight.

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

For the 24 hours to 23:00 GMT, the USD declined 0.79% against the CHF and closed at 0.9911.

In the Asian session, at GMT0400, the pair is trading at 0.9914, with the USD trading slightly higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9869, and a fall through could take it to the next support level of 0.9825. The pair is expected to find its first resistance at 0.9984, and a rise through could take it to the next resistance level of 1.0055.

Trading trend in the Swiss Franc today, is expected to be determined by the Swiss National Bank’s interest rate decision along with Switzerland’s M3 money supply for February, set to release in a while.

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

For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CAD and closed at 1.3325.

In the Asian session, at GMT0400, the pair is trading at 1.3331, with the USD trading 0.05% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3274, and a fall through could take it to the next support level of 1.3218. The pair is expected to find its first resistance at 1.3364, and a rise through could take it to the next resistance level of 1.3398.

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