Up and down in the major pairs
The EURUSD moved to a high of 1.1267. Then fell to a low of 1.1228. We currently trade midrange at 1.1243 (midpoint of the range comes in at 1.12469. The close from yesterday was at 1.12407. That level - and the 100 and 200 bar MAs (blue and green lines), may be barometers for bulls and bears (stay below is more bearish and move above is more bullish).
The USDJPY is trading near the high of the post-Powell range. Stocks have that "buy the dip" felling and is testing the 200 day MA on the S&P - well breaking above it now at 2774.77 as I type. The 100 day MA is up at the natural level of 2800. Stocks moving higher should help to keep the USDJPY supported.
The price is above the close from yesterday at 108.07 level. The 100 bar MA on the 5-minute chart below is also near that level. The high for the day is up at 108.284. A break above still has the 1.12447 high from yesterday and the 38.2% of the move down from the May 30 high up at 108.635 to target.
In other pairs, the USDCHF has the up and down blues (see 5 minute chart below). The CHF should weaken (higher USD) if risk off flows take control.
The GBPUSD is higher on the day but it too is chopping up and down.
