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Daily Pivots: (S1) 1.2236; (P) 1.2268; (R1) 1.2322; More...

As a temporary low was in place at 1.2213 in GBP/USD, intraday bias stays neutral for consolidation above there for the moment. Upside of recovery should be limited by 1.2382 support turned resistance and bring another fall. In our view, consolidation pattern from 1.1946 should have completed with three waves to 1.2705 already. Below 1.2213 will target 1.1946/86 support zone. Break of 1.1946 will confirm our bearish view and resume the larger down trend. Nonetheless, on the upside, above 1.2382 minor resistance will delay the bearish case and turn bias back to the upside for 1.2569.

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) 0.7559; (P) 0.7578; (R1) 0.7614; More...

Intraday bias in AUD/USD remains neutral for the moment for consolidation above 0.7542 temporary low. Further decline is expected as long as 0.7635 minor resistance holds. We're holding on to the view that rebound from 0.7158 is finished at 0.7740. Below 0.7542 and sustained trading below 55 day EMA will pave the way back to 0.7144/7158 support zone. However, break of 0.7635 will dampen our bearish view and turn focus back to 0.7740 instead.

In the bigger picture, we're still treating price actions from 0.6826 low as a correction. 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 seek to 55 month EMA (now at 0.8164) and above.

Daily Pivots: (S1) 1.3350; (P) 1.3393; (R1) 1.3416; More...

Intraday bias in USD/CAD stays neutral for the moment for consolidation below 1.3436 temporary top. Downside of retreat should be contained well above 1.3209 resistance turned support and bring another rally. Above 1.3436 will extend the whole rise from 1.2968 and target 1.3598 high. Break there will resume the medium term rally from 1.2460 to next fibonacci level at 1.3838.

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.

For the 24 hours to 23:00 GMT, the AUD rose 0.16% against the USD and closed at 0.7582 on Friday.

LME Copper prices declined 1.4% or $84.0/MT to $5910.0/MT. Aluminium prices declined 1.0% or $20.0/MT to $1909.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7571, with the AUD trading 0.15% lower against the USD from Friday's close.

Early morning data showed that Australia's seasonally adjusted retail sales rebounded 0.4% on a monthly basis in January, in line with market expectations. Retail sales had dropped 0.1% in the prior month.

The pair is expected to find support at 0.7542, and a fall through could take it to the next support level of 0.7512. The pair is expected to find its first resistance at 0.7599, and a rise through could take it to the next resistance level of 0.7626.

Market participants look forward to the Reserve Bank of Australia's interest rate decision, scheduled to be announced in the early hours tomorrow.

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

Daily Pivots: (S1) 1.0052; (P) 1.0094; (R1) 1.0116; More.....

Intraday bias in USD/CHF remains neutral for the moment. The lost of momentum after hitting 1.0145 is dampening the bullish case a bit. But still, as 1.0008 minor support holds, further rise is mildly in favor in the pair. Above 1.0145 will target a test on 1.0342 key resistance. Based on neutral medium term outlook, we'd be cautious on topping at around 1.0342. On the downside, break of 1.0008, however, will indicate completion of the rebound from 0.9860. And intraday bias will be turned back to the downside for 0.9860.

In the bigger picture, prior rejection from 1.0327 resistance argues that USD/CHF is staying in a medium term sideway pattern. 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. Meanwhile firm break of 1.0342 will target 38.2% retracement of 1.8305 to 0.7065 at 1.1359.

For the 24 hours to 23:00 GMT, the EUR rose 0.86% against the USD and closed at 1.0596 on Friday.

In economic news, the Euro-zone's final Markit services PMI was revised slightly lower to a level of 55.5 in February, compared to a preliminary print of 55.6. The PMI had recorded a level of 53.7 in the prior month. On the other hand, the region's retail sales fell for a third straight month, after it unexpectedly dropped 0.1% MoM in January, compared to market expectations for an advance of 0.3%, indicating that a recent surge in inflation may be crimping the region's consumer spending. Retail sales had recorded a revised drop of 0.5% in the previous month.

Separately, growth in Germany's services sector was confirmed at 54.4 in February, painting a bright picture of the Euro-zone's largest economy. In the previous month, the PMI had registered a level of 53.4. In contrast, the nation's retail sales surprisingly dropped 0.8% on a monthly basis in January, compared to investor consensus for a rise of 0.3%. In the previous month, retail sales had recorded a revised flat reading.

In the US, the Federal Reserve Chairwoman, Janet Yellen, dropped strong hints that a rate hike would come at the next meeting. She stated that an interest rate increase “would likely be appropriate” if the central bank judges that data on employment and inflation are continuing to move in line with expectations. She further added that the process of scaling back accommodation will not be as slow as it was in 2015 and 2016.

In economic news, the US ISM non-manufacturing PMI unexpectedly rose to a level of 57.6 in February, expanding at its fastest pace in nearly two years, signalling momentum in the economy's biggest sector. In the prior month, the PMI had recorded a level of 56.5, while market participants expected an unchanged reading. Meanwhile, the nation's final Markit services PMI surprisingly eased to a level of 53.8 in February, compared to a level of 55.6 in the prior month. Market participants had anticipated the PMI to drop to a level of 54.0, while the preliminary figures had recorded a level of 53.9.

In the Asian session, at GMT0400, the pair is trading at 1.0605, with the EUR trading 0.08% higher against the USD from Friday's close.

The pair is expected to find support at 1.0535, and a fall through could take it to the next support level of 1.0465. The pair is expected to find its first resistance at 1.0649, and a rise through could take it to the next resistance level of 1.0693.

Going ahead, traders would look forward to the Euro-zone's Sentix investor confidence index for March and German construction PMI for February, scheduled to release in a few hours. Moreover, the US factory orders and final durable goods orders, both for January, slated to release later in the day, will garner significant amount of investor attention.

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

For the 24 hours to 23:00 GMT, the GBP rose 0.1% against the USD and closed at 1.2278 on Friday.

Macroeconomic data showed that Britain's Markit services PMI eased more-than-expected to a level of 53.3 in February, hitting its lowest level in five-months, suggesting that UK's economy may be losing momentum in 2017, after showing unexpected resilience post the historic Brexit vote. Investors expected the PMI to fall to a level of 54.1, after registering a level of 54.5 in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.2283, with the GBP trading marginally higher against the USD from Friday's close.

The pair is expected to find support at 1.2230, and a fall through could take it to the next support level of 1.2177. The pair is expected to find its first resistance at 1.2318, and a rise through could take it to the next resistance level of 1.2353.

With no major economic releases in UK today, investor sentiment would be governed by global macroeconomic events.

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

For the 24 hours to 23:00 GMT, the USD declined 0.24% against the JPY and closed at 114.11 on Friday.

In the Asian session, at GMT0400, the pair is trading at 113.83, with the USD trading 0.25% lower against the JPY from Friday’s close.

The pair is expected to find support at 113.43, and a fall through could take it to the next support level of 113.04. The pair is expected to find its first resistance at 114.48, and a rise through could take it to the next resistance level of 115.14.

Amid a lack of economic releases in Japan today, investors will look forward to global macroeconomic factors for further direction.

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

Daily Pivots: (S1) 113.61; (P) 114.18; (R1) 114.56; More...

USD/JPY dips mildly today on broad based rebound in Yen. The rejection from 114.94 resistance argues that the correction from 118.65 is possibly not completed yet. But still, in case of another fall, we'd still expect strong support from 38.2% retracement of 98.97 to 118.65 at 111.13 to contain downside and bring rebound. On the upside, decisive break of 114.94 will indicate that it's completed with a double bottom pattern (111.58, 111.68). In such case, intraday bias will be turned to the upside for retesting 118.65.

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. Rejection from 125.85 and below will extend the consolidation with another falling leg before up trend resumption.

For the 24 hours to 23:00 GMT, the USD declined 0.38% against the CHF and closed at 1.0091 on Friday.

In the Asian session, at GMT0400, the pair is trading at 1.0081, with the USD trading 0.1% lower against the CHF from Friday’s close.

The pair is expected to find support at 1.0056, and a fall through could take it to the next support level of 1.0032. The pair is expected to find its first resistance at 1.0121, and a rise through could take it to the next resistance level of 1.0162.

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