USD/CHF is currently testing a major support level, as can be seen on the longer-term time frames. This is in line with the .8900 major psychological level which has held for the past few months. Stochastic has reached the oversold region, indicating a potential bounce.
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The US dollar had a mixed performance in the recent trading sessions, as it weakened against the euro and franc but gained ground against the pound, Kiwi, and Aussie.
Thanks to the recent upward revision in the BOE’s growth and inflation forecasts, combined with the BOJ’s easing bias, GBP/JPY has been climbing up the charts and trading above a rising trend line on the 1-hour time frame.
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The US dollar consolidated against most of its major counterparts in yesterday’s New York trading session, as most traders were on a holiday because of President’s Day. There were no reports released from the US economy then.
GBP/USD has made a stellar rally in the past few trading days, but it appears that the climb is losing steam and the pair needs to make a pullback.
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The US dollar lost ground to its major currency counterparts on Friday, as data came in mixed. Capacity utilization and industrial production both fell short of expectations while import prices posted a mere 0.1% uptick.
AUD/JPY is on its way to the top of its long-term range, which can be clearly seen on the daily time frame. Stochastic is already indicating overbought conditions, which suggests that bears could push the pair back down sooner or later.
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The US dollar chalked up losses in recent trading, as risk appetite continued to improve. Data from the US was also weaker than expected, with headline retail sales printing a 0.4% decline and core retail sales showing a flat reading.
After that hawkish BOE inflation report, GBP/AUD made a strong break above the neckline of the double bottom pattern earlier this week. However, after finding resistance at the 1.8600 handle, the pair looks ready to make a quick pullback before resuming its climb.
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Data was light in the US session but that didn’t stop the Greenback from cashing in on the weakness of most of its major currency counterparts, except for the British pound.