The GBP/USD has primarily consolidated in the mid-1.58s over the past 24 hours, though the pair is inching back toward previous resistance at 1.5800 this morning. Yesterday’s buy trade idea was never triggered as the pair never quite reached the entry level at 1.5805, and the trade is now considered invalidated. More aggressive traders may look for buying opportunities off the 1.5800 handle and bullish trend line support, but be aware that trade may stagnate ahead of tomorrow’s highly-anticipated Non-Farm Payroll announcement.

The USD/JPY inched lower over the past 24 hours but remained above the round 76.00 handle amidst ongoing jawboning from BOJ policymakers. Looking at the recent price action, the bears seem determined to press the pair lower until the BOJ intervenes. More aggressive traders may want to look for long positions, speculating on potential intervention, but we will stand aside for now until the technical picture is clearer.

The USD/CHF rallied overnight after finding support at the key .9115 support level mentioned in yesterday’s report. The bounce is now approaching the key resistance barrier at .9225, where sellers are likely to make their stand. As long as rates remain locked within the .9115-.9225 range, the near-term bias will remain neutral, but a close below this range would pave the way for further drops, potentially down to key psychological support at .9000. To the topside, a conclusive break above .9225 would open the door for a further continuation up to .9312.

The USD/CAD continues to consolidated around parity (1.00). Our short trade from Wednesday remains open with a stop at 1.0078 and a target at .9905. At this point, the trade is likely to remain open into tomorrow’s Non-Farm Payroll announcement, so more conservative traders may want to consider closing the trade out at some point today. However, the longer-term technical picture remains bearish, and we will look to let this trade run with a stop above key resistance at 1.0078. Stay tuned to FX360 for any potential trade updates over the next 24 hours.

The AUD/USD inched higher during yesterday’s North American session and eventually rallied into key resistance at 1.0750. The rally stalled out a few pips above that level, and as of writing, the pair is again trading under 1.0700, around near-term resistance-turned-support at 1.0680. A break below 1.0680 would signal the potential for more weakness down to the bullish trend line (see 4hr chart below), which has been successfully tested on five occasions in the past three weeks.

The technical picture for the Kiwi is very similar to that of its antipodean cousin. The pair broke out to new significant highs above the round .8300 handle yesterday, but has since pulled back modestly. Support is anticipated if rates drop to previous resistance at .8300, or at the nearby bullish trend line support. Only a break and close below this trend line would turn the near-term bias neutral for additional consolidation.