Dollar-Swiss is not gaining strength to rise past its Resistance at 0.9460. At the same time we do not see much downside momentum as well. Our overall bullish view remains the same. We see Support at 0.9400 which is expected to hold. On the upside a strong rise past 0.9460 can open doors for fruther rally to 0.9800-9900 or even higher.

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The British Pound tumbled to a fresh monthly low of 1.5888 as the Bank of England kept the door open to expand monetary policy further, and the sterling may face additional headwinds over the near-term as the spillover effects from the sovereign debt crisis dampens the outlook for the region.

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USD/JPY indeed bottomed out in the short-term and broke above a declining channel resistance. The 1H chart shows the bottoming formation. There is resistance in the 80.50-80.60 area. This is the May high established in the beginning of the month.

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We took Tuesday's long trade on the chin for -50 pips as the pair broke our resistance level and then almost immediately continued downward. We were bearish on the pair, as we stated, but thought the oversold hourlies would provide us enough of a platform to bank some long pips.

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The USD/CAD finally breaks above the 1.0050-1.0060 resistance, suggesting a bullish trend developing after a period of sideways trading below 1.0050. Looking at the 1H chart we see that the previous resistance is being treated as the market rejects a throwback attempt.

A throwback to 1.00-1.0020 area would not be against

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USD/JPY indeed bottomed out in the short-term and broke above a declining channel resistance. The 1H chart shows the bottoming formation. There is resistance in the 80.50-80.60 area. This is the May high established in the beginning of the month.

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The EUR/USD is trading at a 4-month low and continues to be weighed by the uncertainty in the Greek parliament, which is headed for a re-election on June 17. One ray of light does shine from the diplomatic and cooperative appearance of Hollande and Merkel in the 5/15 meeting in

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Cable extended its downmove further breaking below its 55-Week-MA (1.5940) to a low of 1.5889 and is now bouncing back from its low. The strong uptrend since Jan-12 has been broken now and a failure to bounce back above 1.6000 will confirm a reversal. On the downside some Support is

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USD/JPY's inverted head and shoulders attempt to start the 5/14 trading week did not work out. However the subsequent drop basically respected the shoulder level near 79.70. Into the 5/15 US trading session, the USD/JPY is pushing above 80.00 again. The inverted head and shoulders pattern is still valid, but this time with 2 shoulders on each side.

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The Euro pared the overnightadvance to 1.2868 as Greece fails to form a coalition government, and the single currency should continue to give back the advance from earlier this year as the fundamental outlook for the region turns increasingly bleak.

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