US Dollar Strengthens Against Major Peers

• 28 Sep 2018

 

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USD/JPY

The USD/JPY pair has continued the bullish run to break the 113.26 price level, which represents a previous market top. A clear break (the candle closing completely above the resistance line) will provide further weight to the uptrend. Momentum indicators remain bullish and RSI is testing the 70 resistance level.

 

 

 

 

 

 EUR/USD

The EUR/USD pair has broken the 1.173 price level and is now testing the 1.164 price level. At the same time, RSI has pulled away from overbought conditions and MACD is beginning a momentum reversal.

Impact event: Eurozone CPI data will be released at 09:00 GMT and will impact all Euro pairs.

 

 

 

 

 GBP/USD

The GBP/USD pair is consolidating just above the 1.306 price level after a strongly bearish move in recent trading. A few tests of the support area have not resulted in any meaningful breaks. Momentum indicators are neutral if slightly bearish.

 

 

 

 

USD/CHF

The USD/CHF pair has broken the descending trendline in a strong bullish move in recent trading. The next target for buyers is the 0.981 price level which represents a long term resistance level. Momentum indicators are bullish.

 

 

 

 

USD/CAD

The USD/CAD pair appears to be heading towards the 1.309 price level after several breaks of key support areas. However, selling pressure has dampened bullish momentum. Momentum indicators are slightly bullish.

 

 

 

 

SILVER

Silver’s break of the descending trendline could prove significant given the strong bearish bias the metal has been experiencing since June. Additionally, Silver is testing the 14.46 price level which represents a key long-term support level. MACD is undergoing a bullish momentum reversal.

 

 

 

 

GOLD

Price action has taken a more bearish turn after rejecting the 1209.70 support level. Momentum indicators have turned bearish with MACD now pulling away from the zero line and RSI in beginning a bearish trajectory.

 

 

 

 

OIL

Oil price volatility continues as the commodity has made strides towards a recent market top at the 72.62 price level. However, the commodity has fallen short of the resistance area, which may signify a lack of conviction from buyers to drive prices higher. Momentum indicators are bullish, however, RSI has reached overbought conditions.