ECB's Weber Boosts EUR. Is it the Beginning of a Larger USD Decline?

Economic News

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EUR

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JPY

JPY Gaining Steam as it Awaits Full Day of Local Data

Oil

Oil is Up As Gustav Threatens to Hit the Gulf of Mexico.

Technical News

EUR/USD

After bottoming out at the 1.4560 level, the pair is showing signs of a corrective move. A positive slope on the 4 hour chart's Slow Stochastic suggests the constitution of the correction. The daily chart is showing renewed bullish momentum as well. It appears that a test of the key Fibonacci level 1.4890 might be quite imminent. Going long might be the better choice today.

GBP/USD

According to the daily chart, the downtrend the pair is going through seems to be very strong and the daily chart validates that there is still room to run. The 4 hour chart is confirming that the momentum down is still quite strong. The Bollinger Bands are tightening which indicates that the break might be imminent. Selling on highs might be preferable today.

USD/JPY

After yesterday's volatile trading session, the range trading continues, as the pair floats aimlessly on the hourly and the 4 hour chart. The oscillators are still floating in neutral territory with no distinct direction signal. There seems to be moderate bullish momentum on the daily, yet forex traders are advised to wait for a clearer signal before entering the market on this one

USD/CHF

The daily chart is showing that the pair has been range trading with no distinct direction for a while now. The 4 hour chart is showing no clear signals as the RSI and the slow stochastic are floating on neutral territory. Traders are advised to wait for a clear signal before entering the market.

Source: FOREXYARD