USD Stays Under Pressure Amid Economic Slowdown Concerns.

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Technical News

EUR/USD

The range trading on the 4 hours and the daily charts is starting to form into a narrowing bullish channel. The pair if approaching the upper level of it, and with the very tight Bollinger Bands, the possible test of the 1.6000 appears to be quite imminent. Traders must pay attention for a possible breach which could create a great buying point for a strong potential bullish momentum.

GBP/USD

The daily chart is giving mixed signals with its RSI floating in neutral territory. However, the Slow Stochastic of the 4 hour chart is showing quite a strong bullish momentum, and the RSI confirms that the direction is indeed up. The hourlies support the bullish notion as well, and it appears that the pair still has more room to run. Going long with tight stops is a preferred strategy today

USD/JPY

The pair has been quite choppy in the past two days yet no clear direction was seen. The hourlies are showing mixed signals. The 4 hour chart is showing that a bearish correction is imminent, while the dailies are showing that there is still some more room for the uptrend. Traders advised to wait for a clearer signal on the hourlies before entering the market.

USD/CHF

The bearish momentum the pair has shown since the breach of the channel on the daily chart continues. The 4 hour chart's Slow Stochastic is showing the continuation of the trend, and the daily studies also confirm the bearish notion. Going short might be the right choice today.

Source: FOREXYARD