Are the USD Bulls here to Stay?

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Technical News

EUR/USD

The hourlies show that this pair is continuing its bearish rally and indications are that there is still steam left in the downtrend. The pair is in the middle of a very strong downtrend and is testing fresh lows on a daily basis. The support level of 1.5600 has been breached and a bearish cross on the 4 hour cart's Slow Stochastic suggests further bearish move is impending. Going short might be preferable today, as the next target price might be around 1.5500.

GBP/USD

There is a very distinct bearish channel forming on the hourly chart. The Slow Stochastic and the RSI on the hourlies support this bearish notion indicating there is more room in this movement. As well all the oscillators on the daily chart point to this bearish conception. Thus going short might be a preferable strategy for today.

USD/JPY

This pair has through a relatively choppy trading session of late and seems to be unable to pick up a sustained trend. Bollinger bands are widened indicating increased volatility. Indications on the 4H are giving a bullish signal and this pair should target the 108.50 level today.

USD/CHF

The Slow Stochastic on the 4 hour chart formed a bearish cross in the overbought territory. Yet this bearish cross is around the 85 Slow Stochastic zone, indicating that the pair can go in either direction in the next few hours. As such investors are advised to wait for clearer signals before entering the market.

Source: FOREXYARD