Technical Analysis

The dollar continues to beat down the rest of the major bloc


The greenback is pulling further ahead on the session here after EUR/USD breaks below the 1.1300 handle. If you want to look at how major currencies are performing today, the pound’s weakness is the main catalyst as the drop in the pound has led to a fall in the euro which broke the 1.1300 level against the dollar and in turn sparked a broad wave of dollar strength.

For USD/CHF, price now trades at its highest level for the year and is nearing the April 2017 high of 1.0107. Beyond that, the next key resistance level to look at will be the March 2017 high @ 1.0171 with some minor resistance seen around 1.0140 just before that.

With thin liquidity prevailing today, price action is set to be choppy so I won’t rule out some retracement of gains in the session ahead but as long as EUR/USD continues to sit below 1.1300, the dollar will stay bid on the day.

Source link

Articles You May Like

Bull Trap Trading Strategy for Forex Traders 🍆
Australia jobs report preview (risk of more negatives for the AUD)
Forex Trading Strategy High Impact News Forex Strategy Made $600 One Day
US stocks end lower on China concerns
US Trade Rep Lighthizer to meet Japan economy minister for talks on May 24

Leave a Reply

Your email address will not be published. Required fields are marked *