In Which Direction Will Market Sentiment Pull The Fledgling Dollar?

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Technical News

EUR/USD

The daily chart shows fresh signs of a bullish move, suggesting that the downtrend has vanished. The hourly chart's Slow Stochastic also supports this notion indicating that the upwards momentum has more steam in it. Going long with tight stops appears to be the right strategy today.

GBP/USD

The 4 hour chart shows that the Cable is going through a choppy sessions with mixed trends for the past 2 weeks. A bearish cross on the 4 hour chart's Slow Stochastic suggests the origination of a downwards corrective move. Going short appears to be preferable.

USD/JPY

An upward movement on the 4 hour chart is running at full steam forward. The distinct bullish channel hasn't been breached yet, while 108.00 might be the next target price. The daily chart also confirm that notion, therefore going long may be a preferable strategy today.

USD/CHF

After peaking at 1.0400 on last Friday, the pair has been going through a moderate bearish correction. A bearish cross on the daily chart's Slow Stochastic indicates that the downwards momentum is still intact. Going short might be the right choice today.

Source: FOREXYARD