US rates also tick to the upside
It is the last day of the trading month. That dynamic, the London fixing flows and perhaps some tick up in yields have pushed the USD higher.
EURUSD: The EURUSD fell back below the 61.8% retracement at 1.18146 and that break, pushed the price down toward the swing area near 1.1800 and 1.18044. The low reached 1.17987. Move back below the 1.1800 with momentum would have traders looking toward the rising 100 hour moving average at 1.1782 (the 50% midpoint is just above that 1.17857).
GBPUSD: The GBPUSD moved up to test its 200 day moving average (and even moved above briefly), but dollars selling into the fix, saw those gains erased and the price move back into negative territory for the day.
The pair is now getting close to the 38.2% retracement of the range since July 30 and also the rising 100 hour moving average. Those levels come between 1.3744 and 1.37472. The low price just reached 1.37493.
A break below opens the door for further downside with the 200 hour moving average at 1.37116 as the next key downside target.
Conversely, holding support against the 100 hour moving average (remember the 100 hour moving average did hold support yesterday), and move back above the close from yesterday near 1.3758, gives the dip buyers some breathing room and hopes for a move back to the upside.
USDJPY: The USDJPY broke below the 100 day MA increase in the bearish bias. However, the US dollar buying into the fixing, reverse that trend and force the price back through the 200 hour moving average at 109.85 and the 100 hour MA/50% at 109.95. A new high for the day was also reached at 109.992 (taking out the Asian session high at 109.979). What the price did not do yet is get above 110.00. A move above would have traders targeting 110.149
USDCHF: The USDCHF based just ahead of its 100 day moving average, moved back above the 50% midpoint at 0.91296 and did not stop until reaching near the high for the day at 0.9173. In the process, the near converged 100/200 hour moving averages were broken at 0.9151. That is now risk/support as the bias shifts from more bearish to more bullish on the USD buying.