USD/CHF is stalling at its downtrend, GBP/USD is bouncing from Fibo support circa 1.6054 and USD/JPY remains capped by its 55 day ma at 82.55. The dollar is drifting lower as a consequence.
EUR/USD is finding some support from its ichimoku cloud, circa 1.3988 (see chart). So far this has prompted a very small rebound and near term the market will encounter initial resistance at 1.4200 ahead of 1.4308/45 (55 dma and interim highs). While capped here, a negative bias will remain.
EUR/CHF – has tested and held the base of its 2 month downchannel at 1.2263 today. We would allow for a near term rebound but look for rebounds to remain relatively tepid. Rallies should find initial resistance at 1.2469/85 ahead of the top of the channel at 1.2644, which is expected to hold.
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