Earlier today, the USD was down vs all the major currencies but has now reversed course and is higher versus the EUR, GBP, CAD, AUD and NZD.
The greenback is still lower versus the JPY and the CHF, but well off the lows.
EURUSD: The EURUSD is testing the close support area between 1.1752 and 1.1769 (see yellow area and red numbered circles on the chart above). Move below that, and traders will start to focus on the rising 100-hour moving average at 1.17216. Getting below the 100 hour moving average is necessary to give sellers were control. Absent that and the buyers are still in firm control.
GBPUSD: The GBPUSD has reached and moved below the 100-hour moving average (blue line) at 1.37157. Stay below the level and traders will start to look toward 1.3673 to 1.3683 area. Below that level and the high price from June 24 at 1.3647, and the 38.2% retracement of the move up from the June 23 low at 1.3628 become the focus for sellers, and all would need to be broken to increase the bearish bias and give sellers more control technically.
USDJPY; The USDJPY (see chart above) has snapped back higher but is still lower on the day. Nevertheless, the price is back up testing a prior floor between 143.646 and 143.74. If the price can move above that level it would have traders looking potentially toward the falling 100 hour moving average at 144.364. At session lows today, the price it did dip below another recent floor at 142.78 but could not sustain the momentum. That gave the buyers the go-ahead to push back to the upside.
USDCHF: The USDCHF moved to another new low going back to 2011. Looking at the hourly chart the low did test a lower trend line and bounced. The price is back toward the close from yesterday near 0.7930. Move above that level, and the focus looks toward the low from June 27 and 0.7957, and above that the falling 100 hour moving average of 0.79829. The price would need to get about each to give the buyers more confidence, and control.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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