The dollar is experiencing some selling as London/European traders had for the exits. The greenback is making session lows verse the EUR, GBP, JPY and CHF.
EURUSD:
The EURUSD has been able to break above its 200 hour moving average at 1.13037, and looks to close the hourly bar above that level. The price high moved up to test the 61.8% retracement of the move down from last week's high to this week's low at 1.13228. The current price trade at 1.1311. Stay above the 200 hour moving average at 1.13037 (the 50% midpoint of the range since November 30 is nearby 1.13044 too), and the buyers remain in control .
GBPUSD:
The GBPUSD has made a run to the upside and in the process has been able to extend above the 200 hour moving average at 1.32576 for the first time since November 22. The high price just reached 1.32701. The current price is trading at 1.3265.
Traders will now watch to see if the 200 hour moving average can hold. Staying above is the most bullish scenario with the high from earlier this week at 1.3287 as the next upside target. The 38.2% retracement of the move down from the November 18 high cuts across at 1.32940. That would also be an upside target today.
USDJPY:
The USDJPY did move back below its 200 hour moving average at 113.33 on its way to a low at 113.217. However the price is already rebounded back above that 200 hour moving average and puts into question the break lower. Watch that level as trading heads into the New York afternoon session and toward the weekend. A move below would give a more bearish bias into the weekend.
USDCHF:
The USDCHF moved below its 200 hour moving average at 0.92175 and has seen more selling as London/European traders look to exit. The price low reached 0.91984. That was just below the 100 day moving average at 0.91997 (call it 0.9200). However the price is already move back above that key level and trades at 0.9207. Nevertheless, going forward the 100 day moving average at 0.9200 level remains a key barometer for both buyers and sellers. The low price at the start of trading on Thursday reach down to 0.91903, but momentum cannot be sustained.
