The EUR/USD has bounced off its support at 1.0780 and rallied to its resistance zone at 1.0866/1.0905. We'll need to break through this technical threshold if we hope to counter the downward momentum underway since last summer and allow ourselves a return to 1.0970/1.0990, the point of convergence between the 50- and 100-day moving averages.

USD/JPY is pleased to consolidate below 153.88, and the appearance of bearish divergence suggests a consolidation towards 150.50, which if breached could pave the way for a return to 145.05/144.85. In parallel, the USD/CHF has been unable to break above 0.8688, and is showing signs of weakness which can be exploited through short strategies with a view to breaking 0.8628 and opening 0.8540.

In commodity currencies, USD/CAD is closing in on its 2022 highs at 1.3978. Initial support lies at 1.3830.AUD/USD and NZD/USD continue their slide, leaving a little more downside potential before rallying to August lows of 0.6493 and 0.5876 respectively. The first resistances to watch are at 0.6635 and 0.6045.