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The US dollar regained ground against the major currencies as U.S. lawmakers passed a bill to raise the country’s debt ceiling and avoid defaulting on its loans.
GBP/JPY’s recent rallies might come to a halt and start to reverse as the pair is hitting resistance at the 157.50 to 158.00 psychological levels.
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The US government shutdown is still ongoing as the White House rejected the latest proposal from the House Republicans regarding spending cuts on healthcare.
A complex head and shoulders pattern seems to be forming on EUR/USD’s 4-hour time frame, as the pair is testing the neckline around the 1.3500 handle.
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The US dollar erased some of its progress in the past trading days as the government shutdown and budget impasse continues.
GBP/JPY is still on a steady uptrend on its longer-term time frame, despite the selloff seen in the past few weeks.
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The dollar carried on with its recovery on Thursday, as risk remained off but traders started pricing the possibility that Washington will come up with a budget deal over the weekend.
USD/JPY has recently broken below the long-term rising trend line on the 4-hour time frame, signaling that the uptrend may be over.
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The U.S. dollar was able to bounce back to action yesterday, but it remains to be seen whether this is just a temporary pullback.
GBP/AUD has been moving sideways on its 4-hour chart, as it found support at 1.6900 and resistance at 1.7400.