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USD traded higher in Asia, but the effects of a dovish Bernanke will likely continue to filter through the market. We expected the overall market to be relatively range bound as traders use this time to figure out the global rate outlook. However we should be ready for sudden movements as the lower volumes markets get pushed around.

The JPY got a huge lift from China on Friday as the PBoC increased bank’s reserve requirements in order to limit credit which has flooded the market and become an economic risk.

CAD disappointed the market with lower then expected CPI which leaves core at 1.7%, which is event less then the BoC had anticipated and will allow the BoC to continue hold current policy stance.

EURO/US Dollar

It broke the June lows last week, but was unable to close below 1.2465 50% retacement (form 1.1950-1.2979) keeping the bull trend line from February intact. Look for a daily close above 1.2705 which would give scope for increased upside acceleration for a retest of the inverse-head-and shoulder target at 1.2980.

British Pound/US Dollar

It broke key resistance last week at 1.8545 which was the level to look for if upside acceleration was once again to be seen. This gives scope for a 1.8750 and possible 1.8900 target in the upcoming trading week. Intra-week support is now at 1.8400.20

US Dollar/Japanese Yen

It made a sharp reversal last week after falling short of testing 118.00 resistance. The pair continues to trade within the longer term bear trend line from 1998 presently at 119.00 and last week’s sell-off gives scope for a 114.65 target this week 38% retracement (from 108.97-117.86) and then to 113.40 support.

Euro/Japanese Yen

It continues to find support confirmed by weekly stochastic turning higher. Look for a close above 148.00 this week to target 149 the high from October 1996 as long as 146.25 support remains intact.