GBP/USD’s recent rallies seem to be over as the pair ranged between the 1.6200 handle and the 1.6000 area in the past few weeks. In fact, a reversal chart pattern can be seen on the daily time frame, as the pair made a double top formation.
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The US dollar was able to advance against its major counterparts in yesterday’s trading as risk aversion kept the lower-yielding currency afloat.
Risk aversion has been keeping the franc’s gains at bay, as USD/CHF recently bounced off the .8900 major psychological support. Perhaps franc bulls are waiting for more buying momentum before pushing this pair lower.
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The US dollar made a feeble recovery against its major counterparts on Monday, as the safe-haven currency gained against the British pound and the Swiss franc.
On its 4-hour time frame, AUD/USD’s highs and lows can be connected to form an ascending channel. This shows that the pair’s uptrend is still intact, provided that the bottom of the channel holds as support for now.
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The US dollar had a mixed performance against its major currency counterparts, as it consolidated against the euro and yen but gained ground against the commodity currencies.
There isn’t much in terms of data in today’s economic schedule, but there could be an opportunity for a quick scalp trade for GBP/USD.
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The US dollar had a mixed performance yesterday, as it managed to extend its gains against the commodity currencies but was stuck in consolidation to the euro and the yen.
For the Kiwi bulls, the recent selloff in the Kiwi might be an opportunity to catch a long trade at a better price. However, the pair has still a few hundred pips to go before reaching potential buy zones.
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The U.S. dollar was able to take a breather from its recent selloff in yesterday’s trading, as it was boosted by risk aversion during the Asian session.