The U.S. economy appears to be recording gains, supported by positive data from the Mortgage Bankers Association (MBA). Likewise, the ISM Manufacturing Index is expected to rise from the previous 51.60 to 52.00. Consequently, this has generated moderate momentum across major FX pairs, though some market contraction has been observed in the latest sessions.
EUR/USD: Bullish
EUR/USD remains largely bullish, with price action continuing along an upward trajectory that began on February 1st. The pair tested the upper Bollinger Band two sessions ago and has since retraced slightly.
The current session has encountered resistance but remains under upward pressure. Price action still holds above the middle Bollinger Band. Meanwhile, the Stochastic Rate of Change (SROC) indicator is moving sideways just above the equilibrium level, suggesting consolidation within an overall bullish trend. Traders may look for gains toward the 1.1500 level given the prevailing trend.
GBP/USD: Bullish
GBP/USD also maintains an upward trajectory similar to that of EUR/USD. Both major pairs have been trending upward since February 1st. The latest candle is green, albeit slightly contracted, and remains above the middle Bollinger Band.
The SROC indicator appears more bullish than in EUR/USD, as it holds firmly above the equilibrium level and is now turning slightly upward. Considering the overall trend, traders may remain optimistic about a move toward the 1.3700 level.
USD/CHF: Bearish
USD/CHF has recently experienced a short-term rebound, with the previous session showing strong upward momentum. However, the current session reflects limited price movement. Price action remains below the middle Bollinger Band, indicating continued downward pressure.
The Bollinger Bands remain narrow, suggesting a potential breakout. Meanwhile, the SROC indicator is moving sideways at the equilibrium level. The Price action of this major FX pair is unlikely to break above the 0.8300 resistance level in the near term.
USD/CAD: Bearish
USD/CAD has faced persistent downward pressure, keeping price action suppressed below key technical levels. Recent candles have been red, with the latest indicating bearish dominance. The major FX pair continues to trade below the middle Bollinger Band.
Similarly, the SROC indicator is gradually moving lower. Over the past two sessions, price movement has been minimal, clinging to the lower Bollinger Band. The market may move toward the 1.3500 level if this trend persists.
AUD/USD: Bullish
AUD/USD remains in an upward trend, with price action holding above critical support levels. The Bollinger Bands have contracted, indicating a possible strong move upward.
The latest candle shows a modest gain and a bounce off the middle Bollinger Band. The SROC indicator remains above the equilibrium level. As such, traders may anticipate continued bullish retracement toward the 0.6500 level.
EUR/JPY: Bullish
EUR/JPY has been on a steady upward path throughout the past week. The most recent price candle continues this trend, staying above the middle Bollinger Band.
The SROC indicator has taken a sideways path just above the equilibrium level. Given that price action remains above the mid-Bollinger level, this market may have room to extend toward the 165.00 price level.
USD/JPY: Bearish
USD/JPY remains below the middle Bollinger Band, as it has since last week. Although the last two candles were bullish, they only managed to approach the middle Bollinger Band. The latest candle is small, showing limited upward retracement.
The SROC indicator is trending slightly upward, just above the equilibrium level. This suggests the pair may move toward the 145.00–146.00 range if the dollar holds steady and fundamental factors support such a move.
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