The US dollar is steadily regaining strength, gathering momentum across the markets. This has triggered visible trend shifts among major FX pairs. At this point, some are technically positioned for additional gains, while others continue to advance along their bullish paths.
EUR/USD: Bearish
With the US dollar regaining momentum, major FX pairs quoted against it are under pressure. This is clearly reflected in the EUR/USD market, where today’s trading has brought notable losses that erased gains from the past two sessions. The latest price candle is red, plunging the pair below the 9-day Exponential Moving Average (EMA).
At the same time, it is testing support at the upward-sloping trendline on the chart. In addition, the Stochastic Relative Strength Index (SRSI) lines are sliding into the oversold region after failing to sustain an earlier upside crossover. Consequently, a short-term bearish target at the 1.1710 price level seems likely.
GBP/USD: Bearish
The GBP/USD market mirrors much of the EUR/USD dynamic. However, unlike EUR/USD, this pair has already dropped decisively below the 9-day EMA as well as the upward-sloping trendline on the daily chart.
Likewise, the SRSI indicator lines have fallen deep into the oversold zone, indicating heavier downward pressure. At this stage, the pair seems set to continue a retracement to the downside, with traders targeting the 1.3400 price level in the short term.
USD/CHF: Bullish
The USD/CHF market has resumed an upward path. Toward the end of last week, the pair climbed above the 9-day EMA, only to retreat below it during the past two sessions. However, with the US dollar now regaining its shine, the pair has resurfaced above the 9-day EMA in the current session.
Likewise, the SRSI line has regained an upward slope, rising back above the 50 mark. At this point, price action appears likely to challenge the 0.8000 resistance level, pending upcoming economic events that could sway market sentiment.
USD/CAD: Bullish
USD/CAD has posted a stronger bullish drive in today’s trading activity. The most recent price candle on the daily chart is a large green one standing clearly above the 9-day EMA.
Similarly, the SRSI lines are climbing steeply into the overbought region, with the lead line diverging upward to indicate stronger bullish conviction. At this stage, the pair seems to be setting its sights on the 1.4000 threshold, and it appears increasingly likely that this target will soon be tested.
AUD/USD: Bearish
AUD/USD has been drifting downward since last week after testing resistance at the 0.6700 price level. Over the past three sessions, price action has shifted sideways. Although the pair remains below the 9-day EMA, it has hovered close to the line from underneath.
The latest price candle is red, pointing to continued downside movement. The SRSI lines are also positioned deep within the oversold region, showing convergence there. As such, this market remains vulnerable to further declines, and traders may consider short-term positions toward the 0.6550 price level.
EUR/JPY: Bullish
The EUR/JPY market has sustained a largely bullish trajectory in recent sessions. As a result, the pair has climbed further, breaking through resistance at the 174.00 price level.
The latest candle on the chart is green and positioned well above the 9-day EMA. At the same time, the SRSI indicator has just confirmed an upside crossover just below the 80 mark, with its lines pointing higher. This suggests that the market may soon make a move toward the 176.00 price level.
USD/JPY: Bullish
Price action in this market has seen a strong rebound upward off the 9-day EMA. Although the pair had drifted lower over the past three sessions, today’s performance reversed those losses completely.
Similarly, the SRSI indicator lines have shifted to an upward course in line with the rebound. This development suggests that the market is set to continue moving higher, first toward the 150.00 price level and potentially further to the 151.00 mark.
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