EUR/USD - At a glance: Local Support/Resistance comes in at 1.1870 and 1.1940 respectively. Larger scale key levels of S come into play at 1.1850. On larger scale R we have 1.1980 as a critical for meaningful advances in the euro against the U.S. dollar. Summary: The pair found support at 1900 this morning following a slow trickling decent to the region that was complimented by some lopsided flow data. Local R resides close overhead however, and we could see another test of the handle before a move higher ensues. 1.1850/1900 region in historical terms has been very notable for EUR. Trades feel sustained trading below will set a new precedent in the Benchmark. Value hunters are picking the pair off below the 1900 region for quick intraday profits; but are quick to cover if it probes lower due to the propensity for cascading at such a monumental region. GBP/USD - At a glance: Local Support/Resistance come in at 1.7325 and 1.7400 respectively. Larger scale levels of S come in at 1.7280. On the R side we have 1.7450 as a sticking point for advances in the Great British sterling against the dollar. Summary: Following a 100 pips drop earlier in the session on the heels of dollar strength coupled with the dissention amongst bidders after failing to take it through the 7600 R, the pair is now testing the antipodean range S near 7300. With NFP slated for the close of this week’s session, traders know this one is far from over. Solid S resides at 7300 and we could see a retracement of last nights move before all is said and done. USD/CHF - At a glance: Local Support/Resistance comes in at 1.3080 and 1.3125 respectively. Larger scale levels of S is in play at 1.3050. On the Resistance side we have 1.3225 as a major sticking point for further advances in the US dollar against Swiss francs. Summary: The pair took on a mean reverting tone overnight, snaking about the 3100 level where it presently trades. Ultra short term charts reveal some fairly bullish looking chart patterns, and 1.3125 will be the moment of truth for those patterns to come fully to fruition. The pair trades at the center of the macro patter, with the upper confines as far as 1.3165. Yesterday’s failure just short of the region all but validates our analysis, and we feel this level will surely represent the moment of truth for the pair, if more upside is in the deck. A breach clears the way to the recent high near 1.3225. The bottom of the range as scattered a bit however with touches of S at 1.3065 down through 1.3020. USD/JPY - At a glance: Local Support/Resistance comes in at 117.85 and 118.20 respectively. Larger scale levels of S reside at 117.40 with R at 118.50 Summary: The pair remains on bid for the most part; though albeit much less virile that what we have seen in the last few days. A break out to new highs has yet to come to fruition however, and somewhat of a pennant flag formation, just as we have witnessed on various occasions on short-term charts. Near and short term oscillators have been stretched a bit and point lower on the move offering those who trade with the indicators a reason to start selling. Volume is trailing over the last 6 hours or so however, and this may be the best indication of selling pressure to come if nothing else. USD/CAD - At a glance: Local Support/Resistance comes in at 1.1515 and 1.1540 respectively. Larger scale key levels of Support are scattered throughout the region spanning 1.1465. On the broader scope, Resistance at 1.1585 is considerable. Summary: CAD moved back in favor of those offering today; though it presently trades at some erstwhile R at 1.1535/50. We could see some near term selling turned into a prolonged move lower here or a quick run to the next level of historical R at 1.1585/1600. Both outcomes offer good value on a move lower and traders have taken note.