The dollar is on the rise. The Japanese Yen, Swiss Franc, Canadian Dollar, Australian Dollar and New Zealand Dollar all hit new highs on the day. GBPUSD is testing previous lows.
- USDJPY: USDJPY has so far traded to new session highs, a few pips above yesterday’s high of 138.904. It currently has support at 138.363 of the 100-hour MA in two separate tests earlier in the day. A move below that level would be needed to increase the bearish bias in the short term. Now the closer support is likely to ally against last week’s high of 138.73.
- USDCHF: USDCHF has broken out of the fluctuation area between 0.9027 and 0.90358. The current price is trading at 0.90495. A hold above 0.90274 will keep buyers firmly in control. Last week’s high of 0.90621 is the next target, after which a range of fluctuations between 0.9070 and 0.9080.
- USDCAD: USDCAD is trading at its highest level since May 4 and is expected to head towards the 1.36000 level. The current price is trading at 1.3592. Today’s upside movement has extended beyond the swing area between 1.3553 and 1.3566 and the swing level of 1.35825 (see chart below).
USDCAD rises