EUR/USD, USD/CHF and GBP/USD Forecasts – US Dollar Trying to Rally on Wednesday

EUR/USD Technical Analysis

The euro initially rallied against the US dollar on Wednesday, but you can see has given back the gains and actually went a little bit negative. That’s not a huge surprise because, quite frankly, this is a market that just doesn’t seem to have any real momentum. The biggest problem, of course, is that interest rates in America remain pretty elevated, and with that being the case, I think you have to worry about whether or not this market can provide a nice trend to follow.

I think this drift lower makes a certain amount of sense, but the 1.14 level is a major floor. The 1.1850 level above is a major resistance barrier, but really, at this point in time, this is a pair that just is looking for some type of direction other than choppiness.

USD/CHF Technical Analysis

The US dollar has rallied quite nicely against the Swiss franc during trading on Wednesday, but it is now testing a major resistance barrier in the form of 0.80. With this, I suspect that we’re probably going to see this pair roll over a bit, perhaps offering a short-term selling opportunity. That being said, I wouldn’t look for much. If you are already long of this pair, if you’ve been watching here, it’s probably time to start tightening up stops or even consider taking profit.

GBP/USD Technical Analysis

The British pound has gone back and forth and now looks as if it is trying to take out the 200-day EMA. It also looks like it’s struggling a bit with that task. So, really, at this point, I don’t expect much here other than the possibility of a short-term drop. I don’t really like shorting the pound against the dollar. The interest rate differential helps the British pound slightly. It is a slight interest rate differential, so really, at this point, if you’re long of this pair, it might be time to start thinking about getting out

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