The USD is making a run to the upside. Treasury selling are pushing yields toward the highs for the day ahead of the stock open. Stocks meanwhile are moving lower with the broader S&P now down -38 points. Dow futures are implying a decline of -175 points and the NASDAQ futures are implying a decline of -179 points .
Technically in the major currency pairs:
- EURUSD. The EURUSD is down testing it 200 day moving average at 1.08195. The low price it just touched that level and found some pause. The current price trades at 1.0825.
- GBPUSD: The GBPUSD is testing at 200 hour moving at 1.2619. The low price did dip below that moving average level to an intraday low of 1.26157. The low price from Friday reached 1.2613. The current price is trading at 1.2617. More momentum below the 200 hour moving average would have traders looking toward the 38.2% retracement of the move up from the November 17 low. The low comes in at 1.2595. Below that the low price from last Monday’s tray comes in at 1.2589.
- USDCHF: The USDCHF is moving above its 100 hour moving average for the 2nd time today at 0.87426. Early in the day, the price did extend above that moving average line only to fail. Getting back above the moving average is more bullish.
This article was written by Greg Michalowski at www.forexlive.com. Source