While the US dollar remains generally subdued, it has shown an instantaneous bounce in a positive direction. This rebound has been more pronounced in some major FX pairs than in others. Without further delay, let’s take a look at each of the major FX pairs below
EUR/USD: Bearish
The EUR/USD market has experienced a continued downward rejection. This can be observed as price action rebounded off the upper band of the Bollinger Bands (BB) indicator in the previous session. However, today’s session has produced a notable downward retracement as of the time of writing.
Despite this, price action remains above the middle band of the BB indicator, which maintains the long-term possibility of a bullish continuation. Additionally, the Smoothed Rate of Change (SROC) indicator remains elevated above the equilibrium level and is solid green, affirming the presence of persistent bullish forces. Therefore, long-term traders may stay positioned toward the 1.1850 target.
GBP/USD: Bearish
The GBP/USD market has seen notable price movement in recent sessions. At this point, this major FX pair has shifted downward and is testing the middle band of the BB indicator. The latest price candle on the daily chart appears to be facing resistance at this mid-level.
Technically, this suggests that bullish forces are making an effort to defend the level. The SROC indicator remains above the equilibrium line, suggesting a potential for an upward rebound. However, if price action falls below the middle band of the BB, further downward movement may lead the market toward the 1.3400 price level.
USD/CHF: Bullish
The USD/CHF market has also been in a general downtrend. This pair recently dropped below the middle band of the BB indicator but has just rebounded off the lower band.
Due to recent strength in the US dollar, price action has turned upward in the ongoing session with stronger momentum. Nonetheless, since it still trades below the middle band, downside risks remain. The SROC indicator has flattened, reflecting a sideways movement in response to the short-term rebound. In the meantime, traders of this major FX pair may target the 0.8090 price level.
USD/CAD: Bearish
The USD/CAD market remains largely bearish, with price action appearing flat below the middle band of the BB indicator. The upper and lower bands of the BB are converging, which technically suggests a possible continuation of downward movement for this major FX pair.
The current session is represented by a small green candle, indicating weak bullish momentum. Meanwhile, the SROC indicator remains below the equilibrium level, suggesting that bearish forces remain dominant. Therefore, traders can maintain a bearish stance with a target around the 1.3550 level.
AUD/USD: Bearish
The AUD/USD market has undergone an extended upward correction toward higher price levels. However, price action recently rebounded off the upper band of the BB indicator. Still, the pair remains above the middle band of the BB indicator.
The BB itself shows a general upward slope due to sustained bullish movement over time. The SROC indicator line remains above the equilibrium level, hinting that bullish forces may reemerge near the middle band. Traders may aim for short-term gains toward the 0.6600 level in this major FX pair market.
EUR/JPY: Bullish
The EUR/JPY market remains firmly bullish. The current daily session has pushed the pair above the 170.00 level, with the price currently sitting at 170.26. The BB indicator has an upward trajectory, confirming strong bullish sentiment.
Price action stays well above the middle band, and the SROC indicator lines are trending upward above the equilibrium level. Taken together, these indicators suggest that bullish pressure is strong, and the market may continue advancing through the 171.00 mark and toward 172.00.
USD/JPY: Bullish
The USD/JPY market is making steady bullish progress toward higher price levels. The current session has pushed price action above the middle band of the BB indicator—typically a bullish signal.
Additionally, the SROC indicator has resurfaced above the equilibrium level and is trending upward. The green appearance of the SROC line further supports bullish momentum. These technical signals suggest that this pair is well-positioned for further gains, with the next target around the 147.50 price mark.
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