EUR/USD has been rejected by the 61.8% Fibonacci retracement of the November-to-January decline at 1.3739 and has tumbled back to the 50% retracement at 1.3571. This has underpinned for the past 24 hours but we continue to allow for a slide back to the 1.3500/1.3316 support area (December high and 55 day moving average) but suspect that we may see another up swing from here.

USD/CHF continues to probe 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 .9573, the 20 day moving average in order to alleviate immediate downside pressure. Thursday’s intraday low at .9390 should be revisited on Monday. It is still seen as the last defence for the .9319/00 support area (15 year support line and December low).

USD/JPY is slipping through its 61.8% Fibonacci retracement of the early January’s advance at 81.99 but so far remains above last week’s low at 81.85, having been capped by the 83.08/15 resistance area last week. Should 81.85 not hold, the 81.52/24 region should do so. It encompasses the 78.6% retracement of the January rise and the three month support line.