The US dollar had a mixed trading day, as it lost ground to the pound and the euro but strengthened against the commodity currencies and the Japanese yen.
EUR/CHF has been selling off very aggressively but the pair might be due for a strong bounce soon, as it is currently testing a long-term bottom around the 1.2200 major psychological level.
GBP/USD has failed to breach the 1.6400 major psychological level last week, as strong US data kept the Greenback afloat. However, UK fundamentals are also very strong, which suggests that GBP/USD might simply need to pull back first before resuming its rally.
The US dollar had a topsy-turvy Friday during the NFP release as the actual figure came in better than expected at 203K, beating the consensus at 180K and pushing the jobless rate down to 7.0%.
The dollar got a boost from a stronger than expected GDP reading for Q3 2013, as it was revised up from an initial estimate of 2.8% to 3.6%, higher than the projected 3.0% growth figure.
AUD/USD has broken down to new lows yet again, dipping below the .9050 minor psychological support thanks to stronger than expected U.S. GDP data. This was enough to revive taper expectations for the FOMC meeting in December, but this could depend on the NFP release today.
The US dollar pocketed decent gains against most of its counterparts in yesterday’s trading, as data came in mostly better than expected.
NZD/USD has been trending lower in the near term, as seen on the 1-hour and 4-hour time frames. To be specific, a falling channel is starting to form on the 4-hour chart, as the pair is getting ready to test the trend resistance.
The US dollar had a tough time in the markets yesterday as there were no top-tier US data to draw support from. The dollar gave up some of its gains to the euro, pound, and yen but managed to end the day stronger against most of the commodity currencies.
GBP/USD has been making significant breaks above psychological handles recently, confirming that the pair has strong bullish momentum. However, there have been a few pullbacks, eventually creating a short-term rising trend line on its 1-hour time frame.