June 07, 2024 at 03:21PM
The USD continues its run to the upside with the USD making new highs against all the major currency pairs with the exception of the CAD.
EURUSD. The EURUSD is testing its 38.2% retracement of the move-up from the May 1 low. That level comes in at 1.0813. Just below that is the 100 day moving average of 1.08063. Getting below both tilts the bias even more to the downside with the 200 day moving average at 1.07859 another key target. Key targets are being approached in the EURUSD.
USDJPY: The USDJPY is trading near 157.00. The swing high from May 24 comes in at 157.19. Above that 157.40 – 157.46 and the swing high from May 157.72 would be targeted.
GBPUSD:The GBPUSD is breaking below – and away from – the 100 bar MA on the 4-hour chart at 1.2735. That is a close risk level now for the pair. On the downside, better support comes in at 1.2674 – 1.26858.
USDCHF: The USDCHF Is trading higher and is testing the Tuesday’s high price at 0.89716. So far, sellers are leaning against that level. A break above would have traders targeting the 38.2% retracement of the move down from the May 23 hi. That level comes in at 0.89863.
This article was written by Greg Michalowski at www.forexlive.com.
