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The return of US traders from their Memorial Day vacation was enough to usher in strong demand for the dollar, which was able to break to new highs against the Japanese yen.
USDCHF is currently testing a potential resistance zone, which is near the broken support at the .9500 major psychological level.
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The US dollar was able to chalk up a few gains against its forex counterparts in recent trading, even as banks were closed in celebration of Memorial Day.
USDJPY has been trading inside a long-term ascending triangle visible on its daily time frame.
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The US dollar regained ground before the end of the trading day on Friday, as Yellen’s speech reassured market watchers that the US economy is on track with its recovery.
EURJPY could be in for a reversal from its uptrend, as price formed a head and shoulders pattern on its 4-hour time frame.
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The US dollar had a mixed performance, as it functioned as a counter currency in recent sessions.
EURNZD could be in for a huge reversal, as price formed a head and shoulders pattern on its 1-hour time frame.
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The US dollar barely reacted to the release of the FOMC meeting minutes, as the report didn’t contain anything new from the actual interest rate statement.
GBPUSD has been forming higher lows and finding resistance at the 2.1200 to 2.1300 levels, creating an ascending triangle pattern on its 1-hour chart.