The US dollar has a range of upcoming mid-tier economic data releases. This has helped most of the major FX pairs discussed below gather modest gains. Meanwhile, Asian and European shares are trading at record highs. This strength is evident in EUR/JPY, as the pair remains near record levels.
EUR/USD — Bearish
The EUR/USD market remains below a critical level, although the ongoing session is green. The corresponding price candle has an upper shadow, depicting that headwinds are active. Price action remains below the 9-day Exponential Moving Average (EMA).
The Stochastic Relative Strength Index (SRSI) lines are in the oversold region but are rising upward. However, the SRSI lines are rising quickly while price candles remain compressed below the 9-day EMA. This suggests that upside forces may be weak and that the market may succumb to bearish pressure toward the 1.1600 level.
GBP/USD — Bullish
The GBP/USD market has maintained a similar price trajectory to the EUR/USD market on the daily chart. Here, price action can be seen still hugging the 9-day EMA curve from below, supported by a green price candle.
The SRSI lines are also rising upward from the oversold region. At this stage, price action may rise past the 9-day EMA curve, strengthening bullish sentiment and potentially pushing the market toward the 1.3550 price level.
USD/CHF — Bullish
The USD/CHF market can be seen continuing its upward movement. Since rebounding from the 0.7800 price level, the pair has maintained its advance and now trades above the 9-day EMA curve.
The ongoing session remains green despite a notable contraction. The SRSI lines are in the overbought region and show a slight downward tilt toward the 80 mark, reflecting the pullback seen in the current session. This suggests that price action may descend toward the 0.7980 level.
USD/CAD — Bullish
The USD/CAD market also remains generally bullish. However, recent price action appears somewhat restricted in its upward movement.
The latest price candle remains green but shows contraction. Due to these recent limitations, the SRSI curves are descending slightly toward the 80 mark. Nevertheless, this major FX pair may still push toward the 1.4000 price level.
AUD/USD — Bullish
The AUD/USD market can be seen holding a support level that has remained intact for roughly two weeks. The ongoing session is green but appears compressed below the 9-day EMA curve.
Meanwhile, the SRSI lines are moving sideways and remain deep in the oversold region. An eventual crossover here may prevent a break below the 0.6675 support level and allow the market to rebound toward the 0.6750 price mark.
EUR/JPY — Bearish
The EUR/JPY market is trading at record highs, similar to Asian equities. Since the beginning of the week, the pair has remained bullish. However, today’s trading has introduced a modest downward retracement.
Despite this, the pair continues to trade near record levels. The last price candle is red but remains above the 9-day EMA curve. The SRSI lines are still positioned in the overbought region. Combining these signals, the market may still attempt a move through the 185.00 price level.
USD/JPY — Bearish
The USD/JPY market is showing behavior similar to EUR/JPY, likely influenced by bullish momentum in Asian and European equities. Although the ongoing session has edged lower, price action remains above the 9-day EMA curve.
The SRSI lines are tilting toward a downward crossover but remain above the 80 mark. Any confirmed crossover would strengthen bearish sentiment, but given the broader trend, price action may still push through the 160.00 price level.
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