| A look at the EURUSD, GBPUSD, USDJPY and USDCHF to start the NY trading week. The USD is trading to new session lows to start the US trading session. US stocks are higher and rebounding off of the sharp declines on Friday. Yields are lower. EURUSD: The EURUSD is moving above its 200 hour moving average for the 2nd time today. Buyers are making a play. Risk is a break back below the 200 hour moving average GBPUSD: The GBPOUSD moved away from its 200 100 hour moving averages in the early Asian session and are extending the range in the early US session. Buyers are cheering on the lower yields in the UK. USDJPY: The USDJPY did make new multi decade highs on 2 separate attempts today (above the Friday high). Each of those breaks had limited momentum. The prices back down testing shorter-term moving average levels could see more downside momentum (if those MAs can remain broken). USDCHF: The USDCHF is breaking below its 100 hour moving average at 0.9993. That is now a risk defining level for sellers. Stay below is more bearish |
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