The technical tone of the major foreign currencies deteriorated in recent days. It appears to be a cascading effect. Favorite risk-on currencies, like the dollar-bloc, failed to participate in the move against the greenback. The Swiss franc took the dubious honor of being the weakest currency last week, losing 2.2% against the dollar. Sterling had been flirting with the uptrend line drawn off last June's lows and rebounds looked increasingly halfhearted and then convincingly broke and traded below the 200-day moving average for the first time in a couple of months. Of the currencies we examine here, it was the euro, ... (full story)