Forex Technical Analysis

US Dollar Index failed to hold above 97.00 and has started to retreat again retesting 96.70 with next potential support in the 96.20 to 96.40 area.

USDCAD is surging higher today, breaking through $1.3200 and its 50-day average and climbing toward $1.3225 with next potential resistance near $1.3300 or even $1.3340. RSI back above 50 and rising signals momentum turning upward again.

CADUSD has come under distribution again, taking out $0.7600 and its 50-day average falling toward $0.7560 with next potential support at the $0.7500 round number. RSI under 50 and falling confirms downward pressure increasing.

EURUSD continues to attract support above $1.1000 and RSI suggests downward pressure starting to ease off but it still hasn’t been able to rebound very far, only up into the $1.1045 to $1.1080 area with resistance near $1.1111 and the 200-day average.

EURGBP has confirmed support near the bottom of its 0.7200 to 0.7500 trading channel with RSI indicating downward momentum fading. More support possible near 0.7170 with initial resistance near 0.7240 then 0.7280 near prior lows.

GBPUSD is holding steady between $1.5330 and $1.5360 just below the middle of a $1.5200 to $1.5580 trading channel between two Fibonacci levels. RSI sitting on 50 indicates momentum still sideways to slightly downward.

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