The US dollar continues to rise in an uptrend, with the US dollar making new highs against all major currency pairs except the Canadian dollar.
- Euro against the US dollar. EURUSD is testing the 38.2% retracement level of the upward move from the May 1 low. This level comes at 1.0813. Just below that is the 100 day moving average at 1.08063. Getting below both tilts the bias further downward with the 200-day moving average at 1.07859 another key target. Key targets are being approached in EURUSD.
- USDJPY: USDJPY is trading near 157.00. The highest swing level since May 24 comes at 157.19. Above that, the 157.40 – 157.46 area and the swing high from May 157.72 will be targeted.
- GBP/USD: GBP/USD is breaching – and moving away from – the 100-bar moving average on the 4-hour chart at 1.2735. This is a near danger level now for the pair. On the downside, better support comes at 1.2674 – 1.26858.
- USDCHF: USDCHF is trading higher and testing Tuesday's high of 0.89716. So far, sellers are leaning against this level. A break above that would push traders to target the 38.2% retracement of the move down from the May 23 level. This level comes at 0.89863.
This article was written by Greg Michalowski at www.forexlive.com.