September 29, 2016 The CHF is the strongest. The JPY is the weakest.
As North American traders enter for the day, the CHF is the stronget currency while the JPY is the weakest.
The USDJPY got an early boost in the Asian Pacific session from a technical break (see chart below) . The pair has been trading in a narrow trading range over the last week. The trading was becoming more and move confined in that range as well. So when the pair broke out of the range, it was a signal to go (see post from yesterday outlining the trade), and go it did. The pair raced higher and extended above a pretty key are at the 101.58 level. However, in the London morning session some of that gain has been retraced. The pairs price is back below that key cluster of resistance at the 101.58 level. That area will likely be resistance in trading today with stops on a break higher.
The ranges for the day, the USDJPY has reached the 22 day average range. The EURUSD is sitting at 26 pips. Although the CHF is the strongest currency it is largely because of the CHFJPY move. The USDCHF range is only 29 pips. That pair is trading at the lows for the day as NY traders enter for the day. As the top chart in the pair below shows, the JPY pairs are the big movers and all are near the highs (although off the highs too).
US trade, weekly jobless claims, wholesale sales, GDP alll come out at 8:30 AM ET. Pending home sales come out at 10 AM. Fed's Powell will also speak today (at 10 AM ET). ECBs Constancio will also speak at 10 AM.
