The USD Brace For Tough Day As Important US data Expected.

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EUR

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JPY

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Crude Oil

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Technical News

EUR/USD

The pair has been showing a strong and consistent downtrend since the beginning of this month, and the momentum appears that it will continue uninterrupted. The small local correction is slowly losing its energy, and the daily chart is showing that the renewal of the bearish trend is quite imminent. Selling on highs might be a good strategy today.

GBP/USD

The bearish trend continues with plenty of steam. On the 4 hour chart the bearish momentum is still intact as the cable now floats in the middle of it. The dailies also support that notion; however the RSI implies that in the near future the ongoing bearish correction might run out of steam. Traders are advised to take advantage of the cable bears.

USD/JPY

The float within the narrowing bullish channel on the hourly chart continues, as no significant breach has been made. The positive slope on the daily Slow Stochastic indicates the continuation of the bullish movement within the channel. Going long with tight stops appears to be the preferable strategy.

USD/CHF

On a daily chart the pair is showing consistent bullish momentum for a while now and today is no difference. Although the signal is not strong the pair might have a local target at 1.1050, which might make it feasible for forex traders to go long with tight stops.

Source: FOREXYARD