Recovering US Economic Outlook Continues To Support The USD.

Economic News

USD

USD Looks Primed To Continue Solid Recovery vs. Rivals This Week.

EUR

Euro-Zone Still Reeling From Trichet's 'weak' Economic Outlook.

JPY

Expect Volatile JPY Trading As Market Gears Up For More Risk Appetite.

Crude oil

Will Oil Continue To Appreciates Over The Georgian Conflict?

Technical News

EUR/USD

This pair is still in the midst of a steady downtrend, however the 4 hour and the daily chart's RSI has peaked at the over-sold zone, suggesting that a bullish correction move might be quite imminent. As for the short term, a sharp bullish move has already taken place on the hourly chart and seems to have more steam in it. Going long with tight stops might be the right strategy for the nearest timeframe.

GBP/USD

After the recent intensive downtrend, the cable appears to be consolidating at the 1.9200 level. In the shorter time frame a bullish cross on the 4 hour indicates that there might be a small correction before the larger bearish move resumes. Selling on highs appears to be preferable today.

USD/JPY

The volatile trading continues without a distinct breaking direction. The hourly chart is giving mixed signals and is mostly floating in neutral territory. The dailies however, are showing a slight bullish momentum. The daily chart's Slow Stochastic is positively sloped and the RSI also confirms that the direction is indeed up.

USD/CHF

The violent bullish price movement continues within the upwards channel which still has yet to be breached. The daily chart is showing a strong bullish cross, and the 4 hour chart is also joining to that notion with the Slow Stochastic pointing to the continuation of that movement. Next testing point should be around 1.0160. Going long appears to be preferable today.

Source: FOREXYARD