Following on from Friday’s sharp drop to the 50% Fibonacci retracement of the November-to-January descent at 1.3571, EUR/USD is trading back at the 61.8% Fibonacci retracement at 1.3739. Should it and the January 1.3759 high be surpassed, the late November high at 1.3789 will be engaged.

USD/CHF continues to pounder the 78.6% Fibonacci retracement of the December-to-January advance at .9404. It is still attempting to stabilise here, but will need to regain .9578, the 20 day moving average in order to alleviate immediate downside pressure.

GBP/USD has now overshot its three month resistance line at 1.6016 and is on track to reach the 1.6095/1.6109 resistance zone.

USD/JPY is slipping through its 61.8% Fibonacci retracement of the early January’s advance at 81.99 and could retest the 81.52/26 support zone but should hold there.