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Forex pairs in this Article » EUR/USD, GBP/USD, USD/JPY (San Francisco) - The US Dollar extended gains for second day against the Euro and for third session against the Pound as investors remain cautious ahead the Federal Reserve policy meeting next week. However, it is too early to talk about a top in place in EUR/USD and GBP/USD.

As's Valeria Bednarik said in a recent report, "taking a look at the daily chart, one may think a double top is under way around the 1.3810/30 highs from October and December, albeit a better look shows the valley in between both, and the level to be broken to confirm the figure, stands at 1.3290."

In a bigger chart, the EUR/USD advanced for fifth week in a row after posting only two negative sessions in the last nine days. The EUR/USD declined on Friday to test lows at 1.3710 but it managed to close at 1.3740.

Other picture in the GBP/USD as the Cable declined for second week to close at 1.6290. The Sterling just closed below the 1.6300, level that used to be support in the previous days. The USD/JPY advanced for seventh consecutive week; the pair reached 5-year highs at 103.91 on Friday, but it felt vertigo and closed off highs at 103.30.

Main headlines in the American session:

US: Producer price index drops 0.1% in November

Goldman: Don't bet on much dollar strength in 2014 despite Fed tapering

FXBeat Weekend Read: A fresh set of eyeballs on the AUD/NZD

CFTC Commitments of Traders: Big bets against the Canadian dollar

Wall Street declines for second week ahead FOMC meeting
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