Technical Analysis

USDCHF is up for the 6th consecutive week The  USDCHF  is on track for the 6th straight week of solid gains as the week comes to close. Since the last bottom when the USDCHF bottomed at 0.91942 during the week of March 27, the prices has moved up 853 pips to the high reached yesterday

Crude oil is near the topside trend line on the daily chart WTI crude futures are up for the 3rd straight week after squeezing above the closing level from last week at $109.72. Today the price settled at $110.49. That is up $4.36 or 4.11% on the day. For the week the prices up $0.77

Silver falls to lowest level since July 2020 The price of  silver  has been on a sharp move to the downside. Since it’s last peak at $26.21, the price has been down 16 of the last 18 trading days. Today, the price made a new cycle low but has seen a rebound and trades higher

EURUSD trades to within 14 pips of the 2017 low IN the first week of 2017, the low price in the EURUSD reached 1.0339. A period of 278 weeks later (some 5 years and 4 months) the price has returned to with 14 pips of that level today. The low price reached 1.0353 today. The

AUDUSD trades to targeted swing area support The AUDUSD tumbled lower today and in the process has moved down toward a key swing area between 0.6809 and 0.6832 (see red numbered circles on the daily chart above). The low for the day reached 0.6824 before bouncing. Risk focused traders have put a toe in the

USDCAD corrects 38.2% of the move up from last week’s low The USDCAD moved lower into the NY open, but the price rebounded higher after the higher CPI data. However, the high price of the  USDCAD  stalled near earlier swing highs from yesterday and a late day swing high as well near 1.3038. Of note

The  USDCHF  has been moving up sharply higher since bottoming on March 31 at 0.9194. The price is up 24 of last 28 trading days. Day 29 today is down after reaching a new cycle high yesterday at 0.99743. The move higher has seen the price move up some 780 pips over that time period.

AUDUSD down for the 4th consecutive day The  AUDUSD  bounced higher last week (see daily chart above) taking the price up to retest the 100 day MA (blue line in the chart above) currently at 0.72557. The high price reached 0.7264 on Wednesday and 0.7265 on Thursday (just above that MA) before starting its run

US 10 year yield nearly reached the 2018 high Yesterday the 10 year yield reached a high yield of 3.203% yesterday before starting a rotation back to the downside. The high yield going back to 2018 came in at 3.25% (see red numbered circles in the chart above). The high yield got within 5 basis

It’s a brutal backdrop in markets with stocks down 5 weeks including nearly 20% drop in the Nasdaq. Yet when you look at a chart like this, it looks like it could get much worse. USD/CAD has been consolidating in the 1.23-1.29 range since August but may be breaking out to the upside today. It

GBPUSD but closer to the June 2020 lows The  GBPUSD  continued its move lower today. The price traded to the lowest level since June 2020 with a new low of 1.2277. That got close to the June 29/June 30 lows between 1.2250 and 1.2256, but early buyers against that next key support target have pushed

USDJPY trades up and down The  USDJPY  is seeing up and down price action today. Nevertheless, the price is higher (although it’s trading nearer lows for the day). The price has also been able to stay above its 100 hour moving average today at 130.023. The high price reached the highest level since April 29

USDCAD moves up to test swing highs for the week The USDCAD price has seen upside momentum in the North American session after the US/Canada job combination this morning. Canada unemployment rate reached its lowest level on record although job growth was a bit modest. US job statistics were marginally weaker as well but still

USDCHF tested that the March 2020 high this week The USDCHF is working on its 2nd down day in 3 days. That comes after 9 straight days to the upside. The pair moved sharply lower on Wednesday on dollar selling after the FOMC rate decision and Powell’s comments that a 75 basis point hike was

AUDUSD has found sellers near the higher MAs Both the  AUDUSD  and NZDUSD has seen up and down price action today, as the trading week works toward the close. However, both pairs have found sellers near their hourly MAs at the session highs. Staying below keeps the sellers more in control today and going into

The US 10 year yield is approaching 2018 peak The US 10 year  yield  is trading just off the high for the day and week at 3.134%. The current yield is at 3.126%. Looking at the weekly chart, the yield is at the highest level since November 2018. The high yield in 2018 reached 3.248%.

EURUSD on the hourly chart The  EURUSD  tumbled lower with the rise in the USD today. Technically, the price fell below the 200 and then 100 hour MAs. A swing area between 1.0505 to 1.05095 was broken, but another swing low from Monday and Tuesday at 1.04904 was able to stall the fall. See the

Nasdaq trades to a new 2022 low The  Nasdaq  index is trading to a new year low at 12194.60 . That took out the low from Monday at 12202.41. The price now trades at the lowest level since November 30, 2021. The NASDAQ closed 2021 at 12888.28. It is below that level It closed 2022