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For the 24 hours to 23:00 GMT, the USD declined 0.54% against the JPY and closed at 112.01.

In the Asian session, at GMT0300, the pair is trading at 112.06, with the USD trading a tad higher against the JPY from yesterday's close.

The pair is expected to find support at 111.71, and a fall through could take it to the next support level of 111.35. The pair is expected to find its first resistance at 112.40, and a rise through could take it to the next resistance level of 112.73.

Moving ahead, the Bank of Japan's (BoJ) interest rate decision, scheduled to be announced tomorrow, will grab a lot of market attention. Markets widely anticipate the central bank to stand pat on monetary policy.

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 0.81% against the CHF and closed at 0.9549.

In the Asian session, at GMT0300, the pair is trading at 0.9556, with the USD trading 0.07% higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9519, and a fall through could take it to the next support level of 0.9481. The pair is expected to find its first resistance at 0.9599, and a rise through could take it to the next resistance level of 0.9641.

In absence of any economic releases in Switzerland today, trading trend in the CHF is expected to be determined by global macroeconomic news.

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 0.58% against the CAD and closed at 1.2623.

In the Asian session, at GMT0300, the pair is trading at 1.2638, with the USD trading 0.12% higher against the CAD from yesterday's close.

The pair is expected to find support at 1.2588, and a fall through could take it to the next support level of 1.2538. The pair is expected to find its first resistance at 1.2681, and a rise through could take it to the next resistance level of 1.2724.

Ahead in the day, market participants will look forward to Canada's manufacturing shipments data for May.

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

Short term DXY (USD Index) Elliott Wave view suggests the decline from 6/20 peak (97.87) is unfolding as a Zigzag Elliott Wave structure. Down from 97.87 high, decline to 95.47 ended Minor wave A, and bounce to 96.51 high ended Minor wave B. Wave C is unfolding as an Elliott wave Impulse structure with extension where Minute wave ((i)) ended at 95.75, Minute wave ((ii)) ended at 96.2, and Minute wave ((iii)) ended at 94.47. Minute wave ((iii)) is subdivided into another impulsive wave of a smaller degree. Minutte wave (i) ended at 95.51, Minutte wave (ii) ended at 95.98, Minutte wave (iii) ended at 95.01, Minutte wave (iv) ended at 95.24, and Minutte wave (v) of ((iii)) ended at 94.47.

Currently Minutte wave ((iv)) is in progress to correct cycle from 7/10 high, and while pivot at 7/10 high holds, expect Index to turn lower again. We don’t like buying the Index and expect bounces to find offer in 3, 7, or 11 swing for more downside.

DXY 1 Hour Elliott Wave Chart

Daily Pivots: (S1) 1.1488; (P) 1.1536 (R1) 1.1600; More.....

Intraday bias in EUR/USD remains on the upside for 1.1615 key resistance. Decisive break there will pave the way to 1.2 handle next. On the downside, below 1.1489 minor support will turn intraday bias neutral and bring consolidations. But near term outlook will remain bullish as long as 1.1312 support holds.

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 1.1756). 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) 1.2988; (P) 1.3056; (R1) 1.3109; More...

Intraday bias in GBP/USD remains neutral for consolidation below 1.3125 temporary top. Another rise would be seen as long as 1.2811 support holds. Break of 1.3125 will target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. Overall, choppy rebound from 1.1946 is seen as a corrective pattern, hence, we'd be cautious on strong resistance from 1.3168 to limit upside. But firm break of 1.3168 will bring further rise towards 1.3444 key resistance. Meanwhile, break of 1.2811 support will be the first sign of reversal and will turn bias to the downside to target 1.2588 key support next.

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 expected, 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) 0.9503; (P) 0.9569; (R1) 0.9614; More...

Intraday bias in USD/CHF remains on the downside for the moment. Current fall from 1.0342 should target 0.9443 key support level next. At this point, we'd expect strong support from there to bring rebound. Nonetheless, break of 0.9699 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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) 111.60; (P) 112.13; (R1) 112.59; More...

Intraday bias in USD/JPY remains on the downside for the moment. Sustained break of 55 day EMA (now at 112.02) will extend the fall from 114.49 to 108.81 support. As noted before, whole correction from 118.65 is possibly still in progress. Break of 108.81 will confirm and target 61.8% retracement of 98.97 to 118.65 at 106.48. On the upside, above 112.86 minor resistance will turn intraday bias neutral first.

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. If fall from 118.65 extends lower, down side should be contained by 61.8% retracement of 98.97 to 118.65 at 106.48 and bring rebound.

Daily Pivots: (S1) 0.7821; (P) 0.7881; (R1) 0.7977; More...

Intraday bias in AUD/USD remains on the upside for 61.8% projection of 0.6826 to 0.7833 from 0.7328 at 0.7950. Decisive break there will target 100% projection at 0.8335 next. On the downside, below 0.7838 minor support will turn intraday bias neutral and bring pull back. But downside should be contained by 0.7711 resistance turned support to bring rally resumption.

In the bigger picture, current development suggests that rebound from 0.6826 is developing into a medium term rise. There is no confirmation of trend reversal yet and we'll continue to treat such rebound as a corrective pattern. But in any case, further rise is now expected to 55 month EMA (now at 0.8100) or even further to 38.2% retracement of 1.1079 to 0.6826 at 0.8451. Break of 0.7328 support is needed to confirm completion of the rebound. Otherwise, further rise is now expected.

Daily Pivots: (S1) 1.2571; (P) 1.2636; (R1) 1.2692; More....

USD/CAD continues to lose downside momentum as seen in 4 hour MACD. But there is no sign of bottoming yet. Intraday bias stays on the downside. Current decline from 1.3793 should target a test on 1.2460 low next. Meanwhile, considering bullish convergence condition in 4 hour MACD, break of 1.2770 will indicate short term bottoming In such case, there will be lengthier consolidation before staging another decline.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. Fall from 1.3793 is seen as the third leg and should target 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.