US Economic Outlook Keeps USD From Rising.

Economic News

USD

Personal Spending and Factory Orders Will Determine USD Value.

EUR

Weak EUR Data May Reinforce Fears And Limit the Scope for EUR Gains.

JPY

Last Week's Drop in the Crude Oil Helped JPY Gain Grounds.

Oil

Oil is Up on Storm Factor.

Technical News

EUR/USD

The ongoing tight range continues without a break of any significant importance. The daily chart is maintaining a slightly bearish indication yet with no distinct conclusion. The Bollinger Bands on the 4 hour chart are tightening which indicates that the break might be imminent. Traders are advised to hold for the break and then swing into it.

GBP/USD

The intensive bearish trend is calming on the hourly charts, yet shows no real indication of a halt or a correction move. In fact, on the hourlies and the 4 hour chart a bearish formation is still intact. A negative slope on the daily chart's Slow Stochastic validates that notion. Going short seems to be a good choice today.

USD/JPY

After reaching the 107.23 level, the pair has marked it as a very strong support level and is showing difficulties breaking it locally. If that support will sustain an additional attempt, we may see a strong bullish correction move that might take the pair to the 108.20 level as a first step. Traders should pay close attention to that level as it holds high profit potential.

USD/CHF

The pair's movement is quite moderate and characterized by relatively low liquidity, with a slightly bullish move. Indicators on the 4 hour level shows mixed signals, as the daily studies are still a bit bullish. Waiting for a clear signal on the hourly level before entering the market might be wise.

Source: FOREXYARD