US dollar coming under pressure across the board

The USD dollar is coming under pressure across the board. The greenback is making new lows versus all the major currencies with the exception of the JPY, but even that pair is down sharply.

EURUSD: The EURUSD has just moved above a swing area between 1.08950 and 1.0908 . The next target comes against the 61.8% retracement of the move down from the April high. That level comes at 1.0919. Above that a another swing area between 1.0933 and 1.0942 would be targeted.

GBPUSD: The GBPUSD has broken above a swing area on the daily chart between 1.25987 to 1.26798 and is extending toward the 61.8% of the move down from the 2021 high at 1.27605. The high price has reached 1.2743 so far. The pair is trading at the highest level since April 26, 2022.

USDCHF: The USDCHF is trading to the lowest level since May 22. THe price is testing the 61.8% and a swing area at 0.8944 and 0.8940 to 0.89472

USDCAD: The USDCAD is trading to new 2023 lows taking out the low from early February at 1.32613. The price low has 1.32515. Looking at the daily chart, the next downside target comes in at the swing area between 1.3207 to 1.32299 (see red numbered circles).

This article was written by Greg Michalowski at Source