Is able to keep gains?
The ISM data was much better than expectations and the initial reaction is up for a higher dollar.
- EURUSD. The price of the EURUSD extended above the 1.2000 before the data but that was quickly reversed. The ISM data sent the price below a upward sloping trendline at 1.1971, and back below swing levels between 1.1960 and 1.1965. The low price moved all the way down to the close from yesterday at 1.1935 and stalled. We currently trade below the swing area and broken trend line. Stay below would tilt the intraday bias a little more to the downside.
- USDJPY: The USDJPY moved above its 100 and 200 day moving averages at 105.94 and 105.96 respectively. The high price reached 106.139. The next target area comes between 106.18 and 106.244.
- USDCHF: The USDCHF as extend above its 200 hour moving average at 0.90781. Stay above is more bullish. The current price is trading at 0.9090. It’s high price reached 0.90941. A topside trend line on the hourly chart current week comes in at 0.9103. That is the next target
- GBPUSD. The GBPUSD is trading to a new at 1.3411. The next target comes at upward sloping trendline and swing level near 1.3395. A break below that level would swing the bias more to the downside.
