The fundamental catalyst being bantered about is repatriation back into the EURO on fears of a credit squeeze. I guess that might explain how buyers are overwhelming sellers but not sure if that should keep the bid over the long term.
The technical catalyst seems to be that shorts have been caught with the move above the 1.3102-08 in the EURUSD, the move above the 100 hour MA in the GBPUSD at the 1.5894 level. In the USDCHF, the longs have been caught on the move below the 100 and 200 hour MA in the USDCHF at the 0.9167-70 area.
All three broke at roughly the same time and sent the dollar lower against all three.
The GBPUSD has next target resistance at the 50% of the move down from last weeks high at 1.5900. The EURUSD has done more upside damage, now moving above the 61.8% of the move down at the 1.31285. The next target above comes in at 1.3156-62
