EURUSD expands the week’s narrow trading area.
The USD has risen / expanded lower than what we can expect from Michigan consumer sentiment. The biggest mover is USDCHF. The CAD verse of the dollar’s decline has changed little, as the loonie and the USD follow each other today.
EURUSD. The weekly EURUSD trading range was 63 points on the day. In the last seven hours, the trading range has been 62 pips, and during that time, this range has grown to a more respectable 85 points during the week. Nevertheless, the range is still close to the lowest level of the last two trading years (the lowest range of the week was around 76 points).
The transition has raised the price to over 200 hours of moving average and 38.2% revaluation close to 1.1782. Keep it above that and buyers will keep control for at least a short time. It is currently trading at a price of 1.1791. The next target is between 1.1802 and 1.18067 (highlighted by 50% retracement 1.18067).
USDJPY: USDJPY moved below its 200-hour moving average and 38.2% retracement, and the rise was low from August 9 across the natural support level of 110.00. The price has dropped to the lowest level of 109.84. The next main target is 50% of the August trading range close to 109,756. Slightly below this level is the 100-day moving average at 109,675.
For traders, stay below 110.02, keeping prejudices towards shorts / sellers.
GBPUSD: GBPUSD moved above its 100-hour moving average at 1.38406 and the swing range from 1.38406 to 1.38435. The high price reached 1,3852. The open trend line of doubts, which connects the peaks of August 5, August 11 and August 12 in the hourly table, reaches 1,3858. The 38.2% return of the move below the peak on July 30 is 1,38637 and the eight 200-hour moving average falls to 1,38726.
Buyers’ short-term risk is now at a 100-hour moving average. Let us remind you yesterday that the price moved below this level, tested it again before heading sharply down.
USDCHF: USDCHF is the largest mover today and is approaching 38.2% retracement 0.9156 in the August trading range. The rising 200-hour moving average is not far from this level – 0.91478. Finally, 100-day moving averages 0.91338. The range of the day is 79 points. This is well above the average of 53 pips (151% of the normal range). Traders can stick on this water between the 200-hour moving average and 38.2%, with stops below.
USDCAD: USDCAD tests the trend line near 1.2504 and below the swing line at 1.2500. The pair has been less trendy than other currency pairs against the US dollar, but is still reaching its lowest level of the day. The range is only 27 points, compared to a 22-day average of 82 points.