The USD is trading lower today as oil slips back below $100 and Treasury yields edge down. The 10-year yield is off -2.2 bps at 4.367%, while the 2-year is also down -2.2 bps at 3.865%.On the data front, ISM Manufacturing PMI came in weaker than expected but held above the 50 level—keeping the sector in expansion. The report had a mixed tone: employment declined, while new orders and prices moved higher, pointing to ongoing demand alongside persistent cost pressures.In the video above, I walk through the major currency pairs versus the USD—breaking down the technicals that define the bias, risk, and targets.EURUSDThe EURUSD pushed to new highs and is now targeting the April 21–22 highs near 1.1790.Above 1.1790 → opens the door toward the next swing area at 1.1823–1.1836The pair has already broken and extended away from this week’s high at 1.17544, signaling strong upside momentumBias: Bullish above 1.1754USDJPYUSDJPY remains range-bound, with key levels clearly defining the battlefield:Resistance: 100-day MA at 157.26Support: 61.8% retracement at 155.50Pivot: 50% midpoint at 156.50Price is rotating above and below that midpoint—acting as the rudder:Above 156.50 → more bullish tiltBelow 156.50 → sellers gain controlBias: Neutral within the range, awaiting a breakGBPUSDGBPUSD has broken higher after holding support in a key April swing area:Support: 1.3575–1.3598 (now risk-defining zone)High today: 1.3658 (highest since mid-February)Upside targets:1.3725–1.3772 (next major swing area)Year high: 1.3869Bias: Bullish above 1.3575USDCHFUSDCHF continues to push lower and is approaching key support:April low: 0.777361.8% retracement: 0.7770This is a critical decision zone:A break below would increase bearish momentumOn the first test, expect dip buyers to lean with tight riskBias: Bearish, but support is being testedNZDUSDNZDUSD has rebounded sharply after making lower lows over the past three weeks:The earlier break below the 4H 200-bar MA (0.5829) failed to sustain momentumPrice is now testing a key swing areaKey levels:Resistance: 0.5927–0.5935High today: 0.5924Above 0.5935 → opens the door for further upside extensionBias: Turning more bullish on a break higherUSDCADUSDCAD continues its move lower, extending the downside momentum from midweek:Broke below swing area at 1.3593–1.3600Low today: 1.3550Next downside targets:1.3521–1.3531 (swing area)February low: 1.3503Year low: 1.3482Bias: Bearish below 1.3600Bottom line:Lower yields and softer oil are weighing on the USD, while technically, most pairs are either extending trends (EURUSD, GBPUSD, USDCAD) or coiling for a break (USDJPY). The levels above define the battlefield—stay with the bias, define the risk, and let the market confirm the next move This article was written by Greg Michalowski at investinglive.com.