Dollar Strengthens Amid Global Deceleration.

Economic News

USD

Strengthening Dollar Awaits ADP Non-Farm Employment Change Figures.

EUR

On the Path to Recession; the EUR Hits 8-month Low versus USD.

JPY

The Yen Looks Forward to Rising Figures as the EUR Weakens.

Oil

Despite Cuts in Production, Oil Prices continue to Plummet.

Technical News

EUR/USD

After touching the low of 1.4383 yesterday, the pair now consolidates around 1.45 level again. On the 4 H chart we notice that the bearish trend is running a head. The volatility is very high and the EUR USD is not in a consolidation stage, especially after the pair has broken the 1.4400 support level. The price should continue to move downwards in a range of 1.4500 to 1.4300. As it seems, the bearish pressure will continue to gather momentum on the EUR/USD also today till the weekend

GBP/USD

The cable is in a bearish configuration. The volatility has decreased. The pair moves without trend and swings around exponential moving average (EMA 50 and 100). The Bollinger bands have tightened and the 4H chart's Elliott pattern implies a continuation of the bearish pressure.

USD/JPY

Both the dailies and the hourly charts indicate that the bearish trend will probably continue which might take this pair to the 107.00 level during the day. Both momentum and RSI are sloping downwards supporting an imminent bearish trend. A short position may keep risk tight at the current levels

USD/CHF

The pair is floating in a relatively wide range for several days now, as can be seen on the 4 Hour chart. No significant break through the 1.1200 range has occurred, and the hourly chart continues to deliver mixed signals. The daily chart is giving a moderately bullish sentiment with a bit more room to run.

Source: FOREXYARD