The dollar is on one of its marches

There's very few pairs bucking the trend today as the dollar goes on one of its "can't stop me" rallies.

USDJPY has given very little to no opportunity for dip buyers to play catch up. We're now up over 130 pips since yesterday and it's all been one way traffic.

USDJPY 15m chart

113.80 has been an old minor level that seems to stem the tide when we non-volatile moves so expect the price to have a think around there. 114.00 will see the usual big figure trading going on but it's not until 114.65, 115.00, 115.20 & 115.35/50 that the bigger resistance will be sitting at.

USDJPY daily chart

Due to the lack of any reasonable dips, support is there but it doesn't stand out. 113.45/50, 113.25 & 113.15/20 look to be the choice points.

USDCHF is a pair up at a big level at 1.000 and yesterday I was looking at selling a first attempt. However, today I'm not so keen as the PA looks very bullish and the fact that, like USDJPY, there's been no reasonable dip since coming this high, that has increased the risk of a break higher. If anything a break long looks to be the lower risk trade now.

As Mike's already noted, it's not just the dollar that's sailing the boat today, yen and swissy weakness are in play too. As I just mentioned, not every pair is playing the same tune. USDCAD is heading lower and the pound and euro look like they're being held up by the yen crosses.

It's as if the market has suddenly breathed a huge sigh of relief that we're now past some pretty big geo-political events, and have some breathing room until the next one rolls up. The market isn't putting too much emphasis on the UK elections, nor the German elections (yet) so they're aren't being factored in to any risk premiums. From here it's likely to be all about the Fed.

Enjoy it while it lasts.