On the Forex market the Dollar
index continued to linger around recent levels, as currency investors
are preparing for today’s important rate decision. On individual pairs,
the EUR/USD presented a dramatic move, breaking key level of 1.4, after
finding support on its 38.2% Fibonacci level. From a broader
perspective, the chart now seems to be forming a cup and handle
pattern, currently trading in the handle stage. A break of upper
resistance will give a clearer picture and verify the completion of the
pattern.
On other pairs, the GBP/USD continued to trade around recent highs
while the USD/CAD closed the session just off trend line resistance.
Another market mover was the USD/CHF, dropping to 1.0657, the major
move came after the chart had formed a wedge pattern. The pair sold off
during the session as sellers pushed the pair down to support of
1.0691. Decreasing bond yields also had an impact on the pair, as the
movement in the bond market was negative for the Dollar.
Read the rest of the article at dodjit.com
index continued to linger around recent levels, as currency investors
are preparing for today’s important rate decision. On individual pairs,
the EUR/USD presented a dramatic move, breaking key level of 1.4, after
finding support on its 38.2% Fibonacci level. From a broader
perspective, the chart now seems to be forming a cup and handle
pattern, currently trading in the handle stage. A break of upper
resistance will give a clearer picture and verify the completion of the
pattern.
On other pairs, the GBP/USD continued to trade around recent highs
while the USD/CAD closed the session just off trend line resistance.
Another market mover was the USD/CHF, dropping to 1.0657, the major
move came after the chart had formed a wedge pattern. The pair sold off
during the session as sellers pushed the pair down to support of
1.0691. Decreasing bond yields also had an impact on the pair, as the
movement in the bond market was negative for the Dollar.
Read the rest of the article at dodjit.com
