The EURUSD Performance

EURUSD is now creating an upward market structure.

EURUSD recently bounced from the weekly timeframe support zone around 1.05240 and has pushed up +200 pips. This price action resulted in the market changing the trend as seen by the break above the previous lower highs. As well as the descending channel and as such, traders are now bullish. According to this price action, traders anticipate the EUR to strengthen against the US Dollar. They are waiting for a bullish continuation pattern to identify trading opportunities.

The USDCHF Performance

The bearish trend has resumed.

The recent price action indicates that USDCHF has resumed its bearish trend as seen by the rejection on the descending trendline. The market also bounced from the resistance zone around 0.91133 and the 61.8 fib level. This price action provided confluence and trading opportunities to the downside and as such, traders are bearish and anticipate the market to drop down to point B.

The USDJPY Performance

Is USDJPY creating a double top?

USDJPY recently dropped +200 pips from the top of the channel. This price action provides possibilities of a double top forming which will provide confluence and add more weight to the downside. The MACD also indicates that the bullish trend is slowly losing momentum.

According to this price action, traders anticipate the market to drop down to the bottom of the channel and support zone around 144.829.

Final Thought on Today’s Analysis

Taken together, these analyses underscore the prevailing bearish sentiment towards the USD in the trading community. Traders are closely monitoring these currency pairs, looking for confirmation signals and patterns to execute their trades. As always, the foreign exchange market is dynamic. Traders must remain vigilant and adapt their strategies to changing market conditions. Subscribe to our YouTube channel to learn more about our analysis.