| The morning technical video looks at the price action dominating in the EURUSD, USDJPY, GBPUSD and USDCHF. The USD is the weakest of the major currencies in trading today ahead of the Fed rate decision as markets react to the hope of China abandoning their zero-covid policy. Stocks are higher. Yields are lower. Hopes are the Fed is more dovish tomorrow or at least they signal the near end of policy rate hikes. - EURUSD (2:04)- The EURUSD is back above its 200 hour MA after dipping below that level yesterday. The selling dried up near the 38.2% of the move up from the September 28 low and the move back above the 200 hour MA, tilted the bias from bearish, back into a more bullish/neutral position. The 100 hour MA remains above as a topside target - USDJPY (5:05) - The USDJPY is trading below both its 200 and 100 hour MA today as that pair reacts to the lower yields and risk on sentiment. The 100 hour MA is at 147.23. Stay below would keep the sellers in control. Move back above, and the pair could find more of a bid as the price returns into a neutral territory ahead of the FOMC rate decision tomorrow - GBPUSD (6:52) - The GBPUSD is moving higher and in the process has bounced off a support area on the 4-hour chart - USDCHF (8:45) - The USDCHF is trading back below its 200 and 100 hour MA mirroring the USDJPY as dollar sellers react to lower rates and risk off sentiment. |
Founded in 2008, ForexLive has been the go to source for both professional and retail traders from around the globe. Our core belief is that all traders want relevant and succinct trading information, and we deliver it 24 hours a day.
Tags: Featured,newsletter
1 ping