USD Looks towards Retail Sales for Bullish Move

Economic News

USD

Retail Sales on Tap

EUR

EUR Expects Tough Challenges to Continue Yesterday's Bullish Move

JPY

Yen Experiences another Day of Appreciation

Crude Oil

Oil Prices Slid As Investors Reacted To Developments in Georgia

Technical News

EUR/USD

After three weeks of coherent bearish movement, it seems that momentum is coming to a halt. The RSI on the daily chart has peaked at the oversold zone, suggesting that a reversal is imminent. Going long with tight stops might be the right choice today.

GBP/USD

After a long-lasting bearish trend the cable has consolidated around the 1.9870 level. All oscillators on the 4 hour chart are pointing up, indicating that a bullish correction might take place. Going long could be a good strategy today.

USD/JPY

The pair went through a very sharp bearish move yesterday, as it dropped over 150 pips. A bearish cross on the daily chart's Slow Stochastic suggests that the bearish momentum has more steam in it. Going short appears to be preferable.

USD/CHF

After a few weeks of bullish movement, the pair seems to be consolidating around the 1.0840 level. A bearish cross on the daily chart's Slow Stochastic implies that a reversal might be forthcoming. Traders are advised to hold for a break and then swing in.

Source: FOREXYARD