Technical Analysis

Dollar, yen slightly softer so far on the session

Light changes overall so far today

The more positive open in Europe is helping to keep commodity currencies slightly buoyed, with the aussie up nearly 30 pips against the dollar to 0.7315. USD/CAD is also down 0.3% to 1.2647 but all things considered, the moves matter little technically.

AUD/USD is still pinned down below its 100-hour moving average at 0.7329 with large expiries keeping price action in-check for now. Meanwhile, USD/CAD is still being stringed along a tight range around 1.2620 to 1.2700 for the most part this week.

Outside of that, the dollar is trading mildly lower against the euro and pound while keeping higher against the yen, with USD/JPY up 18 pips to 109.88.

Honestly speaking, I wouldn’t look too much into the moves in FX at the moment. There’s still no coherent theme/picture and the light moves today all but reaffirms the continued pushing and pulling since the start of the week.

USD/CHF is one that was eyeing a potential breakout but the 2 July high seems to be stalling the move for the time being at least.

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