EUR/USD, USD/CHF and GBP/USD Forecasts – US Dollar Continues to Fight All Others

EUR/USD Technical Analysis

The Euro has gone back and forth during the trading session here on Thursday as we continue to dance around the 200-day EMA.

Interest rates in the United States continue to climb, and they have bounced a little bit during the early part of the Thursday session, giving us more US dollar strength.

That being said right here at the 200-day EMA I expect to see a lot of sideways choppy action, and I think that’s probably what you’re going to see around the markets in general, the Euro being a good signal of that.

USD/CHF Technical Analysis

The US dollar has rallied a touch against the Swiss franc as we are sitting just above the 50-day EMA.

And at this point, if we break above the 0.79 level, then the US dollar could send itself towards the 200-day EMA near the 0.7950 level. Short-term pullbacks open up the possibility of finding value.

But if we were to break down below the 50-day EMA then the market is likely to go looking to the 0.78 level. That 0.78 level is an area that’s been supportive more than once, and with that being the case, I think that is your short-term floor.

GBP/USD Technical Analysis

The British pound did initially rally against the US dollar, but the 50-day EMA continues to offer resistance.

We are between the 50-day EMA and the 200-day EMA, which of course is offering support, and as we look at this, I see a market that is going to be very choppy and noisy, and if we can break down below the 200-day EMA, then we could go looking to the 1.33 level.

If we break to the upside the 1.35 level is a barrier that’s going to be very difficult to overcome.

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