December 10, 2022

Forex Solution

Learn To Trade Forex

Dollar pushes back to the upside. Stocks slide

2 min read

The S&P is near flat 

The dollar has moved back higher after running lower post the tamer CPI data this morning. The US stocks have also reversed course. The S&P is now trading near unchanged levels at 4469.  The Dow industrial average is down 109 points.  The NASDAQ is now down -16 points.

EURUSD: The EURUSD did extend above its 200 hour moving average at 1.18402 reaching a high at 1.18453. However the price has reversed back lower and currently trades at 1.18285.  The 100 hour moving average and 38.2% retracement of the range since August 20 comes in at 1.1815 area. That remains a support.

GBPUSD. The GBPUSD moved up to test its 200 day moving average at 1.39129, but could not extend above that level. The price has moved back below the swing highs from September 3 and September 10 at 1.38868 and 1.38912.   The current price trade at 1.3882.  Getting back above those highs is now needed to tilt the bias back in the upward direction.  

USDCHF: The USDCHF fell below its 100 hour moving average at 0.91963, but could not reach its 200 hour moving average at 0.91758. The low price reached 0.9182.

USDCHF on the hourly chart

USDCAD: The USDCAD fell below its 200 hour moving average at 1.26147 on its way to a low of 1.2600. The price has now snapback toward the session high and 100 hour moving average at 1.26618. Sellers had put a lid on the pair against that moving average earlier today. A break above is needed to tilt the bias more to the upside.

Source link

Copyright © All rights reserved. | Newsphere by AF themes.