Eur/Usd has hit a sideways 30 minute chart channel, after the 4-hour chart signaled a change to short momentum at 1.2350, but the pair has struggled to follow through and hold below 1.2300. That tells us that it will take a lot of equity market selling to drop euro lower in the near-term, although sentiment now is mixed.
Usd/Chf is holding below 1.1100 as the battle-Royal goes on over Eur/Chf valuations, with the Swiss National bank on the long side and global speculators on the short side. When the pair does break higher, through 1.1200, the rush to liquidate short Usd/Chf positions may be dramatic.
Gbp/Usd benefited from a positive spin put on the U.K. Budget on Tuesday, and allowed the pair to hold around the 50-day SMA area at 1.4830. The 4-hour chart is running sideways, although holding a long bias.
Usd/Jpy cannot break the weekly chart pennant formation that has price action locked in a 90.00 to 92.00 range, that when broken, either way, will release pending orders in great number.
Usd/Cad took a ride higher to test resistance at the 50 and 100-day SMA areas just above 1.0300, and now awaits the next bout of momentum to hit. The 4-hour chart is still in short mode, and is in-line with short daily momentum reads.
Aud/Usd is the most bullish pair of the majors, and is holding a long 4-hour chart read with ease. The pair has already broken technical ground that the other majors are struggling to complete, and that may allow the pair a period of consolidation while the other currencies play catch-up.
Global Market Hot-Spots
S/P Futures (equity/risk markets) are in mixed mode. The main support area is at 1095, and if that holds the dollar will not be able to easily find buyers. The dollar index is in short mode in the near-term, with 87.00 as resistance that is being tested in trade on Tuesday.
For more info on SoftroomFX recommended Forex education, go to www.SgForexBox.com/
For more info on SoftroomFX recommended broker, go to www.fxprimus.com
For more info on SoftroomFX recommended Japanese blog, go to www.PaperpenFX.com/