The USD Appreciates Over Strong Housing Data.

Economic News

USD

USD looks to test 1.50.

EUR

EUR losses continue following Trichet's weak economic outlook

JPY

JPY gains against crosses as risk appetite rises

Oil

Crude Oil prices look primed to fall as USD strengthens

Technical News

EUR/USD

There's a very accurate bearish channel forming on the daily chart as the pair is now floating on the bottom barrier of it. The 4 hour chart shows that the pair is still moving beneath the Bollinger Bands, suggesting that the downtrend should further continue. Going short might be a good strategy.

GBP/USD

The pair is continuing its bearish development, as the cable dropped over 200 pips yesterday. All oscillators on the 4 hour chart are pointing down, indicating that the falling trend has more room to go. Next price target might be 1.9230.

USD/JPY

There's a very distinct bullish channel formed on the daily chart. The Bollinger Bands on the hourlies are tightening, suggesting that a strong movement is impending. As a bullish cross on the 4 hour chart's Slow Stochastic has recently took place, going long appears to be the right choice today.

USD/CHF

The bullish momentum continues with full steam as the pair breached the key Fibonacci level of 1.0700. Currently, all oscillators on the daily chart are giving bullish signals; hence, going long seems to be preferable.

Source: FOREXYARD