EUR/USD, GBP/USD and USD/CHF Forecasts – US Dollar Mixed in Quiet Trading

EUR/USD Technical Analysis

The Euro initially fell a bit during the trading session on Wednesday, but it looks like the 200-day EMA is, in fact, going to offer a bit of support. Ultimately, we have been bouncing around between the 200-day EMA and the 50-day EMA indicators.

At this point, I think this is a market that will go back and forth and keep in mind that we get the jobs numbers in a couple of days now, and that will have a major influence on what happens next with this pair.

GBP/USD Technical Analysis

The British pound is slightly negative during the trading session, but just slightly. We are sitting right around the 50-day EMA, which is an indicator that a lot of people will be looking at as a potential ceiling. But even if we do break above there, the 1.35 level is an area that I think a lot of people will be watching as a potential ceiling as well.

A drop from here opens up the possibility of a move down to the 1.34 level, which is where the 200-day EMA currently sits. I think we’re probably doing a lot of back-and-forth trading more than anything else.

USD/CHF Technical Analysis

Finally, the US dollar has rallied against the Swiss franc, but we continue to see the 0.79 level as a bit of a barrier, and therefore, if you’re not involved already, you’re waiting to see if the dollar can break that level. If it can, that would obviously be a bullish turn of events.

If not, then I think we will just continue to trade between 0.78 and 0.79. It would not surprise me at all again with those job numbers coming out on Friday. I think a lot of traders are just simply sitting on their hands.

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