FOREXYARD Daily forex analysis - Dollar Rises to 8-month high on U.S. Non-Farms Report and European Worries

Economic News

USD

Unemployment Rate Improves

EUR

Sovereign Debt Fears Sinks the EUR

JPY

Sovereign Debt Fears Boost the Yen

Oil

Spot Crude Oil Prices Plummet

Technical News

EUR/USD

The EUR/USD cross has experienced a bearish trend for the past 3 weeks. However, it seems that this trend may be coming to an end. The RSI of the daily chart shows the pair floating in the over-sold territory, indicating that an upward correction will happen anytime soon. Going long with tight stops might be a wise choice.

GBP/USD

The price of this pair appears to be floating in the over-sold territory on the daily chart's RSI indicating an upward correction may be imminent. The upward direction on the 4-hour chart's Momentum oscillator also supports this notion. When the upward breach occurs, going long with tight stops appears to be preferable strategy.

USD/JPY

The hourly chart is showing mixed signals with its RSI fluctuating at the neutral territory. However, the 4-hour Chart's RSI is already floating in the oversold territory indicating that a bullish correction might take place in the nearest future. Going long might be a wise choice.

USD/CHF

The USD/CHF cross has been experiencing much bullish behavior in the past 3 weeks. However, there is much technical data that supports a bearish move for today. The RSI of the daily and 4-hour charts indicates that the pair floats in the overbought territory, leading to the conclusion that a downward correction is imminent. Going short with tight stops may turn out to pay off today.

Source: http://www.forexyard.com/