The USD is nudging to the upside and in doing so, is making a break in some of the major currencies
- USDJPY: The USDJPY has moved above the swing level at 161.732 with some momentum. The high price from last week is the next target at 161.943 with the best case being the price now holds above 161.73.
- USDCHF: The USDCHF has moved above its 200-hour moving average at 0.8997 and into a swing area up to 0.90056. Getting above that level would give the buyers an additional reason to move higher. The price today also moved above its 100 day moving average at 0.8992. Close risk for buyers now would be that 100 day moving average at 0.8992
- EURUSD: Coming into the US session, I commented in the morning video that the price had been trading above and below its 100 hour moving average. That traders were unsure. However as the New York session unfolded, the price was staying above its 100 hour moving average currently at 1.0823. That idea has now failed as the price of the EURUSD broke back below the moving average and is down to 1.08166. The trading range for the EURUSD is still only 18 pips, but the inability to move higher, gives the sellers the chance not to move lower (from a technical perspective).
Admittedly, the forex markets have not been racing but in the nuances of the market, the last hour has seen some moves higher in the USD.
This article was written by Greg Michalowski at www.forexlive.com.
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