The USD/JPY pair fell on Wednesday as traders continued to dump the USD in general. The markets were choppy during the session, but the events in Europe are still leading the charge as far as direction overall.
The EUR/USD pair fell hard, rose, fell again, and then finally rose during a wild session in the markets on Wednesday. The pair is decidedly bearish, and looks like a sell by most accounts.
The outlook is now clearly bearish on the pair and we expect a test of the parity soon.
The pair continues to struggle below the key parity level which remains a strong resistance to get through.
The pair continues to consolidate after its sharp rally from last week (1000 pips). There is of course room for an additional setback given the over-extended move.
The pair has confirmed a downside pressure with a break below monday’s low and is now poised for a new test of 76,00 historical low.
With a new fresh low near 1,57 (breaking below july low) the Cable looks very bearish and the decline will probably accelerate over the coming weeks.
The pair is consolidating since the beginning of the week after a new fresh low at 1,35 now being support.
With another unusually intense news day ahead, traders are anxiously awaiting the large string of reports out of the US which should clear up the picture somewhat in regards to inflation, manufacturing, and industrial production.
Greetings. Let’s take a look at the USD/CHF daily chart.
