There’s a potential retracement on EUR/USD’s 4-hour time frame prior to the release of US data in today’s New York session.
Dollar bulls kept charging until the end of the week, spurred by the Fed’s recent announcement regarding its plan to reduce bond purchases by the end of the year.
After breaking above the falling trend line on its 1-hour and 4-hour time frames, USD/CHF has made another signal that a reversal could take place.
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The U.S. dollar continued its winning streak against its major currency rivals, as the U.S. data came in mostly better than consensus.
On its shorter-term time frame, USD/CAD has been consolidating, as though getting ready for a break in either direction.
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The U.S. dollar was the king of the hill in yesterday’s trading as it rallied strongly against its major counterparts.
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The U.S. dollar had a mixed day in the markets, as it managed to rally against the commodity currencies and the yen but held steady against most European currencies.
The uptrend of CAD/JPY still seems to be intact as the pair is testing the bottom of the ascending channel on the 4-hour time frame. This area is also around the 96.00 major psychological support.
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The U.S. dollar suffered a sharp selloff in yesterday’s trading when the ISM manufacturing PMI came in worse than expected.
USD/JPY kept selling off in the past few trading days as the Nikkei stock index posted sharp declines. This was enough to push USD/JPY back down from the 103.75 area to 99.50.