The GBP/USD pulled back to longer-term bullish trend line support overnight before bouncing slightly into today’s European session. This trend line, along with the 1.5800 round handle, represent strong support for the GBP/USD. As long as rates remain above these levels, the bias will remain bullish and buy opportunities will be favored once the markets calm down after today’s NFP announcement. Stay tuned to FX360 and our daily Live Market Analysis webinars for updates later today.

The USD/JPY ticked higher over the past 24 hours after finding support at the 76.00 round handle yesterday. The pair remains near potential intervention levels, but this morning’s Non-Farm Payroll announcement will be key. A disappointing report could push the USD/JPY down to test 76.00 or lower, dramatically raising intervention risk, whereas a better-than-expected report may lead to a rally and alleviate some of the fears about potential intervention.

The USD/CHF has traded in a tight range over the past 24 hours in anticipation of this morning’s Non-Farm Payroll report. 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 has rallied thus far this morning on much worse-than-anticipated employment data out of Canada, but the market has already turned its eyes to the employment picture in the world’s largest economy. 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 be dependent on the Non-Farm Payroll announcement, so more conservative traders may want to consider closing the trade prior to the announcement. 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.

Over the past 24 hours, the Aussie has consolidated in anemic trade above 1.0680 support. As of writing, the pair is 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 on Wednesday, but has since pulled back modestly. Support has emerged off previous resistance at .8300, and the nearby bullish trend line may bring uptrend resumption later today. Only a break and close below the .8300 level would turn the near-term bias neutral for additional consolidation.