The 102.70 level has been fairly important throughout 2014 and it’s holding up the progress of the pair again today.
USD/JPY Daily chart 05 08 2014
Above here we’ve found it tough to break and close above the old 2014 channel bottom and that’s been the difference over the last week or so. Unless we make decent fist of cracking it then we face falling back again and meandering in the range.
It’s a similar story in USD/CHF which can’t find a footing above 0.9100 and in another story of 55 h4 ma’s has been finding support off it the last week or so.
USD/CHF H4 chart 05 08 2014
The dollar strength has kept the euro from bouncing back to 1.3400 but support at 1.3380/85 is still holding things up. A break of either of the big levels listed above will be enough to knock the euro lower.
