Views for the day: Although the upward momentum of the US and Japan did not increase significantly on Thursday, today, the US and Japan may rise above the main resistance level of 145.50. But the likelihood of a sustained rise above this level is low. So a test of the next resistance level at 146.10 is also unlikely. The lower support levels are 144.65 and 144.25. 1-3 weeks perspective: The USDJPY must break through and remain above 145.50 before further gains are possible. Given that the upside momentum has not increased much, a test of the next major resistance at 147.00 is currently unlikely (there is also resistance at 146.10). Overall, we maintain our bullish view on the USDJPY as long as the strong support level of 143.40 is not broken below.

Intraday view: While NZD/USD may continue to rise, the lack of upward momentum suggests that it is unlikely to break through 0.6355 (there is also resistance at 0.6340). Support is at 0.6300, followed by 0.6275. 1-3 week view: Despite the rise, the upward momentum has not increased much. For NZD/USD to continue to rise, it must clearly break through 0.6355. The probability of NZD/USD clearly breaking through 0.6355 is low at present, but this possibility remains as long as it does not fall below 0.6240 in the next few days.

Intraday view: On Thursday, the AUD/USD pair rebounded strongly, reaching a high of 0.6905. This strong rebound led to a small increase in upside momentum. Today, we expect the AUD/USD pair to rise slightly, but it is unlikely to be able to break through 0.6930. Support is at 0.6875; a break below 0.6840 would mean that the current slight upward pressure has eased. 1-3 Week View: Despite the gains, the upside momentum has not increased enough to indicate that the AUD/USD pair is ready for a sustained rise. Note that the AUD/USD pair must break and hold above 0.6930 before it can expect a rise to 0.6980. As long as the AUD/USD pair remains above 0.6820, it still has a clear chance of breaking through 0.6930.

Views for the day: On Thursday, the pound US dollar rose as high as 1.3434. Although the rally was relatively strong, momentum did not increase significantly. Today, there is still room for a slight rise in GBP/USD, but any rise is unlikely to exceed 1.3455. The support levels that need attention below are 1.3375 and 1.3340. 1-3 weeks perspective: While upward momentum appears to be building again, it is not enough to signal a return to strong GBP/USD price strength. GBP/USD must break and hold above 1.3455 to look forward to further gains towards 1.3500. The possibility of a clear break above 1.3455 for GBP/USD currently looks low, but as long as it does not fall below 1.3310 in the next few days, this possibility still exists.

Daily view: The EUR/USD pair traded in a range of 1.1124-1.1189 on Thursday, closing at 1.1176 (up 0.40%). While price action has led to a slight increase in momentum, this could shift the range higher (1.1140-1.1205) rather than a sustained rise. 1-3 week view: The EUR/USD pair may have entered a range trading phase (1.1060-1.1215). Looking ahead, the EUR/USD pair will need to break not only 1.1215, but also 1.1230 before it can expect an up move to 1.1275.

XAG/USD drops over 1% to $31.60 after reaching a yearly high of $32.71 earlier in the week. Failure to close above $31.75 could see Silver trading between $31.00 and $31.70, with potential for further weakness. A break above $32.00 may lead to retesting the YTD high of $32.71, with $33.00 as the next key resistance level. Silver prices dropped on Friday, finishing the session down by more than 1% after hitting a yearly record high of $32.71 on September 26. Buyers' failure to cling to gains above $32.00 exacerbated the drop toward $31.60, but they held to weekly profits of over 1.50%. XAG/USD Price Forecast: Technical outlook Silver is upward biased amid dipping to a four-day low of $31.37, but a daily close below the July 13 peak of $31.75 opens the scope to trade within the $31.00-$31.70 range. The Relative Strength Index (RSI) remains bullish, but in the short term, sellers could push prices toward the September 23 low of $30.36. On further weakness, the next stop would be the 50-day moving average (DMA) at $29.64. Conversely, if XAG/USD climbs back above $32.00, this could pave the way to test the YTD high of $32.71 before challenging $33.00 ahead of the October 1, 2012, peak at $35340.