USD Rebounds As Oil Weakens.

Economic News

USD

Existing Home Sales on Tap.

EUR

Weaker Employment Data and Easing Price Pressures Continue to Dictate EUR Pace.

JPY

No Economic Growth in Japan Boosts the Attraction of the USD as an Alternative Investment.

Oil

Oil Extends Losses on Easing Geopolitical Tensions in Georgia.

Technical News

EUR/USD

The 4 hour chart shows that the pair has been going through choppy sessions for the past few weeks, without making any significant breach. Earlier today, the pair has tested the 1.4700 level. Should the pair reach beneath that level, further bearish movement might take place, with a price target of 1.4650.

GBP/USD

The pair underwent a sharp bearish session throughout the weekend, as the cable is now rated around 1.8430. As all oscillators on the 4 hour chart are pointing down, the pair might be ready to test a two years low at the price level of 1.8385.

USD/JPY

The pair gained over 150 pips since the weekend, and is now traded around the 110.00 level. A bullish cross on the daily chart's Slow Stochastic is implying that the pair should continue to rise. Going long seems to be preferable today.

USD/CHF

The pair is in the midst of a very strong bullish trend, as the pair has breached through the 1.1010 level. After a few failing attempts to test the 1.1040 level, the pair seems ready to cross this psychological boundary. Should the breach occur, the pair will most likely see further bullish behavior.

Source: FOREXYARD