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Dollar was broadly lower last week on deteriorating recovery outlook in US as well as falling treasury yield. USD/JPY made new 2010 low below 86 level while EUR/USD also closed above 1.3 psychological level. However, there were a few developments to note. Firstly, EUR/USD lost much momentum after hitting 1.31

EUR/USD rose further to 1.3106 last week but faced strong resistance from mentioned cluster level of 1.3105/3123 (38.2% retracement of 1.5143 to 1.1875 at 1.3123, 161.8% projection of 1.1875 to 1.2466 from 1.2149 at 1.3105) and turned sideway. Initial bias remains neutral this week and we’ll continue to focus on

USD/JPY dropped to as low as 85.98 last week and the break of 86.26 confirms that whole decline from 94.97 has resumed. Short term outlook will remain bearish as long as 88.11 resistance holds and current fall should target 84.81 key support level next. Nevertheless, break of 88.11 will indicate

GBP/USD’s rally extended to as high as 1.5720 last week. The decisive break of 1.5521 resistance confirmed that whole fall from 1.7043 has completed at 1.4230 already. Initial bias will remains on the upside this week for 61.8% retracement of 1.7043 to 1.4230 at 1.5968 next. On the downside, below

USD/CHF’s break of 1.0399 support last week indicates that whole decline from 1.1729 has resumed. Short term outlook will now remain bearish as long as 1.0639 resistance holds. Current decline should target outer trend line support (0.9634, 0.9916, now at 1.0020). Nevertheless, note that break of 1.0639 will indicate that

AUD/USD rose to as high as 0.9068 last week before turning sideway. Initial bias remains neutral this week and some more consolidations might be seen first. On the upside, above 0.9068 will indicate that whole choppy rise from 0.8066 has resumed and should target 0.9380/9404 resistance zone. But we’d expect

USD/CAD dipped lower last week but after all, it’s still bounded in recent converging range. As noted before, price actions from 1.0734 are viewed as sideway consolidation pattern, in form of triangle. Price actions would remain choppy until such pattern completions. On the downside, in case of another fall, we’d

EUR/GBP’s fall from 0.8530 extended further last week and the break of 0.8316 support suggests that rebound from 0.8067 is finished. Initial bias remains on the downside this week and further fall should be seen to retest 0.8067 low. On the upside, above 0.8394 will turn intraday bias neutral and

EUR/CHF rose further to as high as 1.3817 last week but faced strong resistance inside 1.3733/4039 zone and reversed. The development suggests that whole recovery from 1.30723 has completed at 1.3817 already. Initial bias remains mildly on the downside for 1.3341 support first. Break will confirm this bearish case and

EUR/JPY rose to as high as 114.72 before retreating. The break of 113.40 resistance indicates that a medium term bottom is formed at 107.30. Hence, while some sideway consolidation might be seen initially this week, we’d expect downside to be contained above 110.00 support and bring another rise. Above 114.72