The GBP/USD, on the other hand, has been able to find support off its bullish trend line thus far this week and overall, looks more bullish than its mainland cousin, the euro. The pair put in a clear piercing candle formation during the early European session, indicating support and a potential reversal off the bullish trend line.

The bullish candlestick formation and clear trend line suggest the potential for a short-term buy trade. Specifically, traders could set a stop buy at 1.5706 (above the round 1.5700 handle) with a stop at 1.5648 (below this week’s low) and a target at 1.5758 (near the monthly R1 pivot and triple top resistance at 1.5775).

USD/JPY has consolidated thus far today after falling sharply to close last week. As of writing, rates are consolidating just above key longer-term support at 76.60. To the downside, support is anticipated near the previous significant lows at 76.60, while any rallies that emerge are likely to be capped by the monthly pivot at 77.32.

USD/CHF has continued its trend of trading inversely to the EUR/USD, generally rallying thus far this morning. Rates found a floor directly at the monthly S1 pivot at 0.9116, and the bounce is now approaching round handle resistance at .9200. As we mentioned in this week’s technical preview report, the .9100 level represents key support and may yet lead to a more significant bounce. Stay tuned to FX360 and our daily Live Market Analysis webinars for any trades that do emerge.

The USD/CAD bounced during last night’s Asian and early European sessions after closing last week directly at key psychological support at parity (1.00). However, the pair is showing some signs of weakness after trading up to critical previous-support-turned-resistance at 1.0070. Rates recently put in a Dark Cloud Cover formation on the 4hr chart, signaling resistance and a potential shift to bearish momentum. At this point, the odds favor a drop back to parity (1.00) as long as resistance at 1.0070 holds.

The Aussie also fell against the Greenback so far today on disappointment on the lack of progress in Greek debt negotiations. Technically, the pair recently completed a Bullish Pin Candle, or hammer, formation on the 4hr chart; this candlestick formation is often seen at reversal points and would confirm a transition to buying pressure if the high at 1.0570 is eclipsed. If rates drop below today’s low, it would signal a failed pattern and suggest a strong bearish continuation toward the Monthly R1 pivot at 1.0439.

The Kiwi traded in-line with its larger antipodean brother overnight, falling consistently after opening this week near where last week closed. The pair ended last week at fresh 4-month highs above .8240, but bulls were unable to maintain momentum. Looking forward, bears will target key previous-resistance-turned-support at .8119, which also represents the monthly R2 pivot.