Dollar buying . is the EURUSD next?
The dollar buying has the USDCHF moving as well today. That pair just knifed through the 200 day MA without much respect.
Looking at the 5 minute chart, the price moved above with momentum and raced another 12 or so pips.
There is dollar buying going on and the USDCHF has not been left behind, but the move suggests a little less liquidity may be in the market. Nevertheless, the buyers remain in control, and shorts out there heading into the weekend, feeling nervous. A move back below the 200 day MA will take some of the pressure off for the shorts but they have to decide if they stay or go before the week close. ]
Meanwhile over in the EURUSD, it's 200 day MA is being approached at the 1.11447 level. So far, it has not gotten down to the level -the low is 1.115497 but it is getting close. Traders need to realize that new positions are subject to the weekend risk and although today has been a trend day lower, the more recent moves to a certain extent, may be more influence by the flows.