The US dollar initially fell during trading on Monday but seems to be finding a bit of a floor near the 100 a yen level. At this point, the question now is whether or not we continue to break down. Obviously, there is a lot of negativity out there but we are testing a major support level in the form of ¥108. This is an area that has been important more than once,...
The US dollar broke down rather significantly during the trading session on Friday, and what would have been a bit of a “risk off move.” Ultimately, the market breaking below the ¥109 level is a very ugly sign, as it shows that risk appetite is starting to fall apart. We remember, the Japanese yen of course is very “safe” when it comes to trading. The ¥109 level...
As Americans came back from Memorial Day weekend, liquidity issues were no longer to blame, it became a simple lack of directionality for the EUR/USD pair. At this point in time, we begin to enter the summer season, and quite frankly that is often some of the best trading of the year if you know how to trade range bound markets. It’s very likely that we are going...
For those of you outside the US, Monday is one of the biggest holidays that Americans celebrate. The Canadians are only 1/10 the size in population of the Americans, so when these holidays hit, it might as well be in both countries. Traditionally, traders and others hit the beach as the start of summer happens. With this, its no surprise that the USD/CAD pair was...
One of my favorite barometers for risk is the Australian dollar versus Swiss franc pair. After all, the Aussie dollar is a “risk on” currency, while the Swiss franc of course is considered to be a safety currency. Because of this, it does make a lot of sense to pay attention to this pair. Looking at current trading, you can see that we are at the very bottom of...
The US dollar has rallied a bit against the Japanese yen during the early hours on Tuesday. It looks as if the market is finding the area above the ¥110 level agreeable again, and of course there is a major gap that we need to pay attention to as well, as Forex markets do tend to fill those gaps eventually. Now that we are rallying rather significantly, it looks...
During the Monday session, we have seen a lot of back and forth in the British pound, which of course makes sense considering that we are so oversold. Quite frankly, there will come a point in time where there aren’t that many people left to sell. Looking at the GBP/USD pair is crucial, because it is essentially the “benchmark” of the British pound strength...
The US dollar has rallied quite nicely against the Canadian dollar during the trading session on Friday, in a bit of a “risk off” type of move. At this point, it’s likely that the 1.35 level will be violated again and broken. If that’s the case then we have a clear target based upon recent consolidation of 1.36, which would make quite a bit of sense as there are...
The US dollar has bounced significantly during the trading session on Tuesday, bouncing from the ¥109 level. This is an area that we have been going back and forth in, and at this point it’s likely that if we can break above the high of the day on Monday, then we are probably going to go looking higher, reaching towards the gap on the chart from several days ago....
The EUR/USD pair spiked early during trading on Monday, slamming into the 1.1250 level and even managed to break above there early in the day. However, we have given back quite a bit of the gains and it looks as if we are trying to form a bit of a shooting star. This was perhaps in reaction to the US/China trade war escalating, but in the end traders preferred on...
The British pound has gone back and forth during the trading session on Friday, showing signs of support at the vital ¥142.50 level. This is an area that will continue to attract a lot of attention as we have seen buying and selling at this level more than once. Looking at the chart, you can see that there is a formed a nice-looking hammer, and that of course can...
The Australian dollar rallied quite nicely during the day on Tuesday and continued to push above the 0.70 level early on. This of course is a bullish sign, as the 0.70 level continues to be very crucial on the longer-term charts. With that in mind, the fact that we have moved above to the 0.7050 level is a good sign. Because of this, it looks as if we are going...
The EUR/GBP pair rallied to kick off the trading week, as we reached towards the 0.8550 level. This of course is good for the Euro, because it has been beaten down so viciously against both the Pound and the Dollar. The 0.85 level underneath continues offer support as you would expect, as it is a large come around, psychologically significant figure. It now looks...
The US dollar initially rallied during the trading session on Friday as we got the jobs number, but has pulled back a bit against the Swedish krona, which is a simple function of the fact that perhaps we are a little bit overbought, but ultimately there is significant support just below. Quite frankly, this could end up being a nice buying opportunity for those...
The EUR/CHF pair has rallied on Monday, breaking the top of a shooting star shaped candle from Friday, showing signs of resiliency. By breaking the top of that candlestick, and making a fresh three day holiday, it’s very likely that the EUR/CHF pair will tried to reach towards the recent highs. Obviously, there is a bit of momentum building here in a pair that is...
Since last December, the US dollar has rallied over 1000 pips against the Swiss franc. This is due to several different issues at the same time, not the least of which will be the Swiss National Bank keeping its monetary policy extraordinarily loose, but also as a function of money flowing into the United States. One simply needs to look at the stock markets in...
The CHF/JPY pair has done very little during the day on Monday which of course is that much of a surprise considering that the banks in Europe were closed. That being said we are approaching a rather significantly support level as far as psychological importance is concerned as the ¥110 level will of course would cause a bit of reaction. Beyond that, there is a...
The Euro has rallied rather significantly against the Swiss franc over the last several weeks, slicing through the 200 day moving average without even hesitating. That of course is a very bullish sign and after an impulsive move like this one would have to think that there are plenty of people out there waiting for some type of pullback to take advantage of...