EUR/CHF (+388)

with the Euro in the downfall against many of the currencies, it is entering oversold levels. On the monthly chart, it is about 1500 pips bellow it's lowest levels since 1995. Since there are no significant shifts between two economies, but credit rating downgrade, we think that sentiment will shift just like it did on previous cases, and profit taking is going to help the rebound of the currency. On the previous monthly candles, it is evident that there is strong rebound on each bearish candle. We very well might add on further gains of the CHF in this year
Besides candles we can see strong divergence of the RSI indicator and price, what indicates move higher.
Stops are placed at 1.2340 and profit targets are set at 1.2840, and above.

EUR/CAD (+162)

euro is expected to make moves lower as the worries about stability in europe continue to make headlines. Uncertainty about Ireland need/not need help, will drag the Euro lower, and CAD is expected to continue with progress. Without major news for this week, accept for Tuesday German ZEW Econ. sentiment, headlines, and equity moves will continue to affect the pair on the downside. On technical side 100sma is crossing over 200 sma what is bearish signal, and RSI is marking lower highs. Stop is placed at 1.3915, and target is placed at 1.3680 and lower.

USD/JPY (-48)

moves in USD are still dictating the trades as we approach the G 20 meeting, and risk appetite was on a decline on the back of declining prices of oil, and weaker gold. Pair was showing stabilization bellow 82.00 level what is telling us that the market participants are not ready to start taking profits because they expect further decline in USD and more JPY gains. For the ones that believe this it is an excellent opportunity to start a new short with stops at 82.20, and target at 80.70, and then 79.80.

GBP/JPY -56

with the another negative news for GBP (CBI realized sales 36 vs. 49 previous), we can assume further decline of GBP, despite positive prelimianry GDP suprise yesterday (0.8% vs. 1.2 previous). BoJ press conference did not do much for the JPY so we can assume again that JPY strength is in days to come, at least towards US elections & FED meeting. Price actions seems trapped between two simple moving averages (50 & 100), so we will be careful on bounce of those limits. Slow Stochastic are in line with our projections. Stops are placed above most recent high 128.40, and target is at 127.70.

EUR/JPY (-10)

move lower on the chart before euro open, is lead of the JPY gains, and not euro weakness. Euro is holding it's ground against other currencies, and besides USD is showing some kind of weakness. Equity markets are about leveled, and indication for US open are on/about zero level. Data from US has mixed expectations, and later on in the day, BoJ has a monitory policy statement where they could purchase another trillion JPY of corporate bonds to reduce strength of JPY. We don't believe market is going to drive JPY any stronger besides these levels, and we could see some decent gains on this pair, especially if equity markets show gains. Trend line support is obvious, and we are going to place the stop bellow recent swing low 112.30, and target at 113.50, and then 114.50. Pay attention on reaction to 200 sma at 113.11

AUD/USD (-48)

with the positive news for the U.S. it is expected that market will jump on it with more buying. Since everybody is buying on the account that FED will pump more money in the system, risk is suppose to increase, and the purchase of AUD (and probably NZD & CAD too).There is clear support with 100 sma, and stops are placed at 0.9880, and target is 1.0020

EUR/USD -18

oversold and overbought levels of bought currencies, EUR and USD. It is said that pairs reverse, when everybody is on one side of the trade, and we think that is happening now with eur/usd. Stops are 1.4135, and target 1.4005

EUR/USD -63

with several weeks of continued gains in euro, it is not strange to consider it "overbought".USD index (DXY) is in the same position, since euro is largest part of DXY, 57% of it. Since Q.E.is expected, and according to some it is already priced in for a while now. Since FOMC minutes did shock anybody, it is to be expected that some form of consolidation takes place, and EUR/USD to pull back. Profit taking is likely, and next step is to figure out how much Q.E. is FED thinking about. That should be the topic of the media until November, together with the elections. Divergence on rsi is technical indication of pullback in the rally of 14 cents=1.400 pips. Stop is placed at 1.4055, and target is 1.3755 and maybe 1.3650. We need to be mindful of the spikes, after all, this is a very big rally.

GBP/AUD (-45)

gbp jumped higher on a positive news (finally)Construction PMI 53.8 vs. 52.1 If we put this news in the context with previous data releases and with some of the speeches of BOE, like Adam Posen, we should expect no big rally in GBP, except maybe against USD. Today is the day for plethora of data for Aussie, AIG service index, retail sales, trade balance and most importantly is rate decision and RBA statement later in the day. Nothing is more important than rate decision, and market is having some doubts about rate hike from Australians, but good numbers from China last week and hawkish stance of RBA just might do it, and make it 4.75%. We don't think that buying of GBP will continue or selling of the AUD at this point, and see no reason for it on a day like this, but we see more chances of the opposite. Data releases ahead the rate decision should give small clue about the RBA decision, and our position in the trade at that time. Stops are above 50 sma and 38.2% fib. at 1.6440 and target 1.6250 and bellow if RBA hikes rates.

USD/CAD (+90)

market is not moving lower in September, after all the talk about historically being bad. Oil is making some gains, but it is very fast do drop 50 cents, and than it takes long time to gain it. Today's data for the Looney is positive, so it gave some prop to the currency (RMPI m/m 2.2% vs. 0.6%), but we don't expect for these gains to hold. Risk aversion is always around the corner, and we understand that USD is not the favorite currency, but in this pair, we expect some gains, because it looks like it is the best to buy USD against CAD. Tomorrow we have Canadian GDP m/m data, and it is expected to be negative (-0.1%, previous month was 0.2%)so should be no real interest for CAD.

GBP/USD (-62)

with the positive news for the U.K.(Current account -7.4 vs -9.6 & GDP 1.2% as expected) we saw good bounce in GBP across the board. At the same time market jumped on comments from ECB executive board member Jurgen Stark "Euro area passed a turning point and moving towards credit growth". Even after all this data and comment, market managed to take some profits and to come down to 1.5830 area where we judged it is a good area to jump on the move higher. Market already hit high for today 1.5895 (January Low 2010 )and further rise is expected. S&P futures are in the positive territory as well as European markets for now what should help our trade. Stops are placed at 1.5770 and target is 1.5990.

USD/JPY (-26)

with the USD loosing ground against all currencies it is only natural that USD/JPY heads lower again. This comes to complete and total dissatisfaction of Japanese finance ministry as it did intervene last week to stop appreciation of it's currency. Today, in FT,Mr. Kan reiterated how important it is for Japan for JPY not to appreciate, and they will do more in order to stop it. This trade is based on Japanese commitment to curb JPY appreciation. Even from technical perspective on 1h chart, 200 sma poses as target for bears, and stochastic is in overbought level. Stops are placed at 84.25 and profit target at 86.20

USD/JPY (-64)

with the strong JPY move across the board and 10yr yield actually moving higher, we believe that move will not be sustainable for this pair. DXY (u.s. dollar index) moved lower as well and reached oversold levels. Market is moving higher in Asia, Europe, and currently in US gains are about 0.5% without any new economic data. Market is still moving on China and Basel news, and taking risk on approach. If we truly have risk on sentiment we should see JPY losses, but still it is not the case. Major moves were on a US Dollar weakness, which again, we believe is overdone, and we are due for a move higher on this pair. Weekly chart shows the divergence on a price and a doji on a previous week candle. We don't anticipate much more USD weakness,but upside surprise on USD data tomorrow, and we do anticipate JPY sale across the board.

EUR/USD (-50)

with more and more talk in media about European sovereign crisis, and banks without proper capitalization, EUR will not be able to gain against almost any currency, particularly against "safe haven currencies JPY, EUR, and USD". Bond spreads between PIIGS and German is steadily increasing, and EUR is paying the price. Since political tension are increasing in Japan, and SNB saying that they might be forced to step in forex market, we think that is the best to short it with USD. Friday better than expected job report definitely goes in favor of the trade. From technical perspective, Head and Shoulders pattern is evident in 4h chart, combined with Simple Moving Averages and lower highs, looks like great opportunity to short the pair. Targets are set at 1.2615, and stops placed at 1.2775

USD/CAD (+150)

with Canada Central Bank expected to raise interest rates to 1%, and U.S. providing better than expected job report on Friday, it is reasonable to expect strong movement in CAD favor. European debt crisis and the concern for the stability of European banks is the main driver of USD move higher and of the latest "flight to safety" lift the pair up to 1.0475 from 1.0345. As far as the further move up, we think that is the less likely option in this pair, and the bulls had plenty of chances for that since pair made it's potential high for the day (1.0488).From technical perspective we have 100 and 50 SMA serve as resistance,as well as 50% fib retracement, and MACD is well bellow water line indicating downtrend. Risk is relatively small compared with profit opportunity. Stops are placed at 1.0525, and target is 1.0345 and possible 1.0265 if market moves strongly in CAD favor and if rates are lifted to 1% & building permits as well as IVEY PMI mark better than expected results.

EUR/USD (+24)

long on the US job report. Stop at 1.2770, target 1.2930. Support at 50sma should hold

EUR/JPY (-45)

recent bounce in EUR across the board on the month end considerations, and there is many obstacles that lie ahead of this pair. Risk aversion would be a major obstacles, and losses on European markets and negative indication on the US opening are going in favor of our trade. Japanese intervention in FX markets is not worry at all. US data lies ahead, but it is not expected to be in positive camp, and EUR/JPY would be the pair to short if that is the case.

GBP/USD (-54)

with the US market making new gains of about 1.2% charts look set up for some further gains in today and tomorrow trading day. Asian markets are about to open, and they are as well set up for some gains. Nikkei 225 last two days opened with the losses of about 1-1.5% but quickly retraced to much smaller losses. Following the raise in the risk appetite in Europe, and US we believe that risk appetite will give lift off to GBP/USD. Pair is hammering out the bottom in and about 1.5540-70 level, and on the down side it is supported by daily trend line and fib.@1.5577, 23.6% (1.5994 - 1.4459)Slow Stochastic are pointing for the move higher.
Stop is placed at 1.5520 what is bellow recent lows, and target for the top side is 1.5695. Tomorrow (aug.18)we will have release of MPC meeting minutes what should provide more light for the cable direction.

USD/JPY (+70)

surprise rally of the JPY on the opening of the US market, caught off guard many traders. Indecies opened 1-1.5% lower, and JPY went south, but AUD went north. After so much disappointing data in a last couple of days that did not stop yet, we see no reason for the move higher is USD/JPY. Just as a caution for the "japan intervention" stops are placed @ 87.05, and targets are @83.80 Trend line serves as a clear resistance, and RSI indicator is showing that there is gradual decline in USD/JPY. Pressure on the JPY is enormous and solutions are not in FX intervention, and Japan is well aware of it.

EUR/CHF (-25)

technical set-up of divergence is clear in this pair, and it is shown that in previous cases it worked very well. As it is known that EUR is bought on risk appetite, and CHF on risk aversion, among other things, this set-up looks like great opportunity to enter the trade ahead of FOMC meeting at 18:15 GMT. RSI is downward slope is indicating lack of buyers for this pair, and dumping of the EUR is about to start. Euro markets are mostly down -0.5%, and U.S. are indicating lower opening S&P -0.7% and DJ -0.6%. In addition, Fib retracement of 21.6% what is at1.3883 is from the move (1.6827 - 1.3072), and serves as additional resistance for a move higher. Stops are set @1.3910, and target is @ 1.3480

USD/CAD (-35)

recent market moves give a boost to USD and USD index, and in case of CAD picked it up to a point of strong resistance. On a daily chart 100 SMA serves as support and as a resistance, and we are going to use it as a resistance, in addition to downward sloping trend line (best seen on lower time frames 1,2, and 4h time frames). Oil still looks firm above $80, currently @ $81.22, and provides a support to strong CAD. Recent jobs data moved CAD to a position where it is now, but we believe that market is going to move past it, once oil firms up in $80 level. Tomorrow FOMC statement can toss all trades out the window, so extreme caution goes without saying, possibly exiting the trade before the release. CAD news release of housing start and NHPI is at 12:15 & 12:30 GMT, Aug 10. Positive data goes in favor of our trade. Stops are placed at 1.0325 and target 1.0160

USD/JPY +100

it looks like the JPY is making another floor at 85.50 ish level, and from technical perspective it seems like good opportunity for long position. In recent days USD is showing oversold indication, just like the JPY is showing the signs of overbought levels. Divergence on daily chart is reflecting clear signs of divergence on RSI, and move towards the resistance Trend Line. 200 SMA is 500 pips away from its current price. ADP Non-Farm Employment Change & ISM Non Manufacturing are due to come out in couple of hours and positive results from those two indicators would definitely go in favor of our trade. Recent down moves of the JPY are not as strong, and we are betting on rebound from current levels. Stops are placed at 84.88, and target set for 86.88 and higher in case of positive ISM. Number that everybody is waiting for and calculating positions before its release is employment data on Friday.

GBP/CHF - 71

recent gains in GBP are evident all over the forex market, but shortly after the European GBP counted small pullback after construction PMI came much lower than expected (54.1 vs. 58.2 expected). Shortly after the best that GBP bulls could do is to put it back on the mark from where it retreated from, across the board. It seems like that much of the GBP good news has already been priced inn, so not even the considerably lower than expected Construction PMI can bring it down. On GBP/CHF it is evident that buyers did not want to push it higher than 200 SMA, although some of them tried, but rally stalled, and market participants are looking for new inspiration. Plenty of data for the GBP is underway, with major news coming out on Thursday, MPC rate statement. Nobody is really expecting that rate will change, but everybody is wanting to hear the statement. Trade is assuming that many of the good news has already been priced inn, and that some will start exiting GBP longs ahead of policy decision. In case of risk aversion and falling equities, CHF will get it's fair share and that will go in favor of our trade. Stops are placed at 1.6608 and target is set at 1.6408, but in case of stronger pulback and more negative news for the GBP, target 2 will be placed at 1.6328.
As it was mentioned in the beginning, GBP is showing strength across the FX market, so move to the upside should not be a surprise.

EUR/JPY -51

trade set up is based on technical perspective. Slow Stochastic are crossing on 4h chart and indicating on move higher, and Fib. retracement of 110.73( 50%)of (113.40 - 108.06 move)should serve as support. US markets are indicating higher open and that factor should go in favor of our trade. Last week low is at 110.85, and that should be additional support. Keep in mind that most of the markets are in risk aversion mode, so move lower would not be surprising. Risk to reward looks good, so the trade is worth it. Stops should be lower than recent lows and support levels. (bellow 110.60), and targets should be 112.00 and higher.
Watch out for USD news (new home sales), only better than expected would boost the Euro, otherwise we are going to find out how solid is the current "floor" in this pair.

AUD/USD -60

there is a lot of talk how "risk on" is coming back on the market, but it is not very convincing so far this week. AUD/USD rallied in the beginning of the week but after the initial rally on Sunday/Monday it gained only 35 pips since. This being a Friday, and taking how market participants don't like to stay open on days of uncertainty I would say that we might encounter some profit taking on this pair, and the reasons for this are; USDX already had a decent pullback from it's highs recently so some of the market players are gonna play it safe over the weekend, indicators are showing divergence on price level, and the final is; what is the reason that market would rally on? Euro market showed that after opening gains it is not willing to take it any further just now, and Asian session did just that, closing it close to flat. Final reminder is that VIX is still at 25 ( it is going down, but it is not making giant steps). This morning there is no US data. Stops should be above 0.8750 and targets at 0.8620

EUR/USD -83

with the markets rallying for about 2 days on "improvement of the sentiment" or we can also say successful bond sale from Spanish central bank, and completely disregarding data that was coming out (NZD retail sales -0.3%, German ZEW econ. sentiment- ultra low 28.7,USD- Empire state manuf. index 19.6.....etc)All major currencies rallied against USD and JPY, but not that much for the last trading session in Asia, although equity market gained in excess of one percent across asian markets (Nikkei +1.8%)This looks like a good reason to sell other currencies and buy USD and JPY, and best pair to do it on now is EUR/USD. Selling the weakest against strongest.Stops should be above 200 Simple moving Average, and targets should start at 1.2180 and much lower in case more bad news from Eurozone.

AUD/JPY -21

with this trade we have to keep in mind that Asian markets marked gains on average 1.4%, and European session is following its footsteps so far. US open (FX) is bit more than half hour away, and so far it's posting gains +50 on Dow Jones & +8 on S&P, so there is a danger of continuation of a trend. Trade is primarily driven by technical divergence on MACD, and Monthly resistance at 79.19 of March Low. Pair gained about 100 pips in Asia, and about 25 in Europe so far, what gives us the clue that not everybody is ready to jump into risk (AUD) just yet. It looks improvement of the sentiment on the market is not ready to rally Aussie too far, but in case that risk aversion breaks the party, we could expect serious sell off. Stops should start well above march low's 79.19, and targets should start bellow 78.20 and in the case of falling equities at 77.10

USD/JPY +135

risk aversion is in play in European markets (currently down about -1.2%), as it was in Asia (Nikkei -3.84%) and US futures are pointing on lower opening. Pair bounced of 200 Simple Moving Average in Asia, and it is showing unwillingness to go any higher. Slow Stochastic are about to cross for the move lower, possibly going through 200 SMA on another bear run, and targets should be 89.30, and stops above recent highs and fib retracement at 92.80

EUR/CHF +92

most recent data from Europe indicates of lower retail sales (-1.2% vs. 0.1% expectation) could be the catalyst for the EUR/CHF to start drifting lower toward 1.4000. With the most recent intervention from SNB being at 1.4000 it should be prudent to place profit targets at 1.4050, and stops should be placed above recent highs and 100 Simple Moving Average.
Caution is advised on a strong bounce from 1.4124 (78.6% retracement from 1.4587 - 1.40008 move on a daily chart)

USD/CAD +81

BOC yesterday raised int. rate by 0.25% and that is by no means negative for the CAD, although it did drop after the announcement across the board because of dovish statement from BOC following the announcement. With risk aversion very much present throughout the markets caution is advised in buying CAD & selling USD. From technical prospective it is clear that pair is unable for couple of days to go through resistance at 1.0560-ish. Simple moving averages also clearly define support/resistance at certain levels, and particularly to pay attention at 50 SMA above which one stops should be placed and targets should be placed at 1.0450 and bellow.200 SMA looks like ultimate target.

EUR/GBP (-30)

with the recent positive news for the Euro ( German unemployment Change 7.7% vs 7.8) could give boost to EUR/GBP pair. In adition to fundamental news, RSI indicator is showing divergence in price. Targets should be at 85.40 and stops should be placed below 84.05

USD/JPY (+87)

it is obvious that USD had huge gains lately against most currencies, and the most obvious exception was JPY. Flight to safety of JPY was obvious in the other pairs, but if we looking for the king/queen of currency safety it is JPY. Recovery from the JPY gains is not going good for the USD, so recent formation of "rounding" top could be taken as opportunity to sell the pair. In addition, indicators are showing divergence in the price, as well as Fib. retracement (50% of recent highs/low at 91.47) Stops should start above 91.90 and targets should start at 90.60 and below.

GBP/USD (+82)

for a while now GBP is unable to break the resistance of 1.4600 and close above it. As we getting into US session and for many of the traders it means end of the month, volatility is expected to increase. In addition we have divergence that is shown in slow stochastic indicator and some others, so it gives opportunity for a short position with very small risk and resistance point clearly defined above 1.4600. Stops should be placed considerably above it in regards to the spikes. It is expected for traders not to take risk on the last trading day of the month (US- memorial day Monday). Targets should start at 1.4500 and below.

AUD/JPY (-95)

with risk aversion being present at the markets, and recent bounce in many of the pairs should serve as another opportunity to sell risk/commodities currencies. Australian dollar reached the highs of 74.65 and it is showing the signs that is running out of steam(out of buyers), relief rally in Europe is not showing willingness to go any higher after only 2% gains on average (FTSE,DAX,CAC), and Greece not bouncing at all (dead cat, for now). Resistance points are 21.6% fib. retracements (87.96 - 71.88) and 75.50 as the top of the Chanel, should serve as points of resistance and stops should start above them in case of bigger rebound and targets should start at 73.00 and bellow.

AUD/USD (+142)

Aussie unable to break above RSI or above 50 Simple Moving Average is giving signs again that another round of AUD selling is on it's way. Dow Jones and S&P are indicating negative opening what is going in a favor of selling Aussie against USD. Stops should be placed just above recent highs and targets should start at bellow 0.8160.

EUR/USD (+103)

with euro unable to move above 1.2440 it serves us as a resistance point. Move lower is expected,but one has to be careful about "short squeeze" what would not be suprising move on the current motions of the markets, but one should use every opportunity to sell the Euro. Stops should be placed just above the recent highs 1.2440 and first targets should be placed bellow 1.2300

USD/NOK (+1026, pip value 0.17, actual +171 )

just couple of days after the Norges bank raised it's interest by 0.25% to 2.00% pair moved sharply higher against the high yielder as it is understandable in "risk aversion" mode. Now that risk is receding in intensity it is expected for the pair to move sharply lower, because there is no many people that believe that USD raised in value after Norges bank just raising it's outlook for the future. Stop should be placed well above recent highs and first targets should be placed just above 6.1000

AUD/NZD (+117)

after couple of days of losses on almost all markets, today European trading session shows unwillingness to sell more. Biggest gainers in currency market were USD &JPY, what is not surprising, and among the biggest losers was AUD. If European gains are here to stay and currently US futures are indicating on higher opening it is reasonable to believe that aud/nzd uptrend will continue with big upside. In case of more lossses of the markets around the world stop is relatively small. Slow Stochastic are indicating a reversal on 61.8% of fib. retracemnt. Stops should start below 61.8% fib retracement and targets should start at 1.2600

AUD/CAD (+106)

as the oil started marking gains on the market, so did the CAD against most of the currencies. With the downtrend in place it is reasonable to expect the continuation with the wind in CAD back. This play of the simple moving averages tells the story of continuation of the downside for the pair. Previous crossovers of these two mov. aver. resulted in huge moves. Recent move up was stopped at 50 SMA (orange line), and crossover of 100 & 200 moving averages marks the signal for the move lower. Stops should be above 100 SMA and February 26 high 0.9475 , with the MUST close above it to break the downtrend, and profit targets should start at 92.00 and below. Close bellow 92.00 on a weekly chart would open the doors for the move lower.

NZD/CHF (+74)

with the NZD getting the jump start from Nikkei (closed at 11.165 or +2.3%)market clearly favored NZD across the board. NZD gains were from Risk appetite in Asia it took pair out of the "comfort zone" of 0.7665 - 0.7290 that pair was trapped since October. Just as the gains were made, they can be lost, at the same speed, since there were no data from New Zeland or Switzerland. Price action created divergence on RSI, and as the resistance we have on weekly chart 200 SMA what is on 78.05. Stops should start above that level and targets should start at 77.10.

AUD/JPY (+143)

with the market staying resilient toward news from Greece (except eur pairs) we could expect another wave of buying commodities currencies (AUD,NZD,CAD) On 1h chart we can see formation of inverse head & shoulders formation what from technical stand point is bullish formation. With a weekly low of April 3rd, 2010 85.27 serving as a support, stops should be placed bellow (mind the spikes low) Targets should be placed above 87.50 and if taking Head & Shoulders patter for the full effect it should be placed above 88.00
AUD suffered earlier from RBA Gov. Stevens speech what was perceived as dovish (less optimistic speech than it was expected)

NOK/JPY (-2240 pip value 0.01, actual -22)

with risk aversion taking place on the market and oil heading lower, one of the ways to short commodities currencies that is connected with oil is NOK with JPY that traditionally takes role of the safe haven currency. Market are heading lower since Asia, Europe, and US market just opened 0.5% lower. Slow Stochastic are pointing for a move down. Stops should be placed above the recent day highs, and profit targets should start at about 15.300 and lower. Focus should be on movement of the indicies (S&P, DJ, Nikkei 225, FTSE, DAX...) and movement of the oil. Falling equities and lower oil are going in favor of the trade.
Since there is plenty of good news out of Canada, it looks like a safer bet to short NOK/JPY than CAD/JPY

AUD/CHF (-63)

with the recent developments of Greek and Portuguese bonds marking record highs with their German counterpart, all risk & commodities currencies are taking a hit. Last few days copper was marking lower numbers and with combination of falling equities AUD can sustain substantial losses. CHF looks like the bet with smallest stop and biggest profit if risk is to stay at least for a few days. U.S. equities are indicating lower opening what should serve our trade. MACD indicator shows the clearest cases of previous divergences and their results. Stops should be placed above recent highs and targets should start at 0.9750 or at/about 50 simple moving average.

EUR/NOK (-172 pip value 0.14, actual -29)

with the recent retreat of oil from 87.09 highs pair stalled it's continued advance. Euro is still on hold for the "solution for Greece" despite some of the excellent data coming out of the German powerhouse (German ZEW Econ. Sentiment 53.0 vs. expected 45.2)
Aside from that Slow Stochastic and RSI (not displayed because of clarity of graph)are indicating on the divergence on the price. Stops should start bellow it's recent low's of 7.9313, and targets should start at 7.9950 and higher if Euro gains momentum and oil remains under pressure.

USD/JPY (-30)

with strong numbers for USD from Housing Starts 0.63M vs. 0.6 expected and Building permits 0.69M vs 0.63M expected dollar is starting to mark gains on USDX index. USD/JPY made a double bottom and "cemented" the floor so it is ready for the move up, with low risk in case of a failure. RSI indicator is marking a divergence in a price and giving us signal to initiate long position. Support comes in at about 92.57 and recent lows are just bellow that. Stops should be placed bellow 92.45 and targets should start 93.20. University of Michigan consumer sentiment at due at 9:55 E.T. and are expected to be positive 74.7 vs 73.6 so it should provide additional wind for the move higher from fundamental side.

USD/CHF (-60)

with the latest news for USD unemployment claims disappointing for a second week (484 actual vs 439 expected)it sent the USDX (dollar index)lower. Manufacturing index showed positive result, but market did not account for that all that much. Pair is in downtrend since beginning of march, and with the first news for CHF this week (which are expected to be positive) we could expect continuation of the trend. There is much more data to come for USD, but the bias is that unemployment claims are going to weigh on the USD. 1.0616 serves as a resistance (April 12 High), and in addition to it 38.2 FIB. retracement is placed at 1.0612 from the move (1.0897 - 1.0434)FIB retracement is not placed on the chart because of clarity. Stops should be placed above 20 simple moving average which is at 1.0622 and targets should bellow 1.0525

EUR/JPY (+63)

recent data from Europe on industrial production showed us positive numbers in relation to expectation,(0.2% expected, actual 0.9%) but still it is less than previous month 1.7%. Euro might extend gain towards high 127's, and it gives good opportunity for a short position with low risk (small stop) trade. Last week high is at 127.90, so this can serve as a resistance and possible target for profit takers, pair was in uptrend since April 8th. Divergence is confirmed with MACD as well, but this indicator is not displayed because of clarity of the chart. Stops should be placed above highs from beginning of April 127.90, and targets should start bellow 127.00. Trailing stop could be good idea in case of this particular trade.
It is noticeable that Euro is recording bigger gains on JPY than on USD, and to keep in mind that any revaluation of Yuan from China would provide strength in JPY.

NOK/SEK (+110 pip value 0.14 actual +16)

with the oil dropping in a recent few days steadily, we could count on some weakness in commodity currencies connected to oil (CAD, NOK). Pair is confronting two retracements on weekly chrt 38.2% retracement from 1.0708 - 1.3173) and 38.2% as well from (1.3173 - 1.1607) We can see on 8h chart that pair is trading right bellow 200SMA. Entry in this trade could rather be difficult, or rather the timing of it, because if we look more carefully we could argue that there is inverse head & shoulders pattern, what would be clearly bullish sign. Taken this into consideration it might be a better strategy to sell possible spikes above 200 SMA. Stops should start clearly above 200 SMA, and targets placement should start bellow 1.2100

AUD/USD (-50)

with the pair hitting 100 simple moving average and daily support trend line, there is opportunity to enter fresh longs. With the start of the week we could expect markets to buy risk and commodities. Gold is already making progress as well as oil, both of these signs are for the risk appetite, what should support long position on aud/usd. Recent fundamental news support this trade (Australian rate hike) Stops should be placed bellow 0.9250 and profit targets should start above 94.00

GBP/USD (-66)

for a couple of days GBP has failed to break downtrend & consolidation pattern that is taking place since April 1st. There was no lack of good news for the GBP lately (Construction PMI, Halifax, Manufacturing production), but dispite good news traders did not take pair above 1.5300. Even unemployment claims rise of 18k did not help GBP to break out. This is the evidence of strong pressure on a pair,and from technical perspective pair is on 21.6 fib. retracement as well as on 50 SMA resistance line. Trade is has good risk to reward ratio in case on another failure to break topside. Stops to start at 1.5350, and profit targets should be placed from 1.5150 and bellow.