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Overall, the major pairs had a relative calm Asian session. The major currencies re-tested the swing areas touched throughout the last U.S. session, but the market’s implied momentum was too small for any important price point to fail. Ahead, the currency market is expected to remain volatile, especially during the middle of the European session and throughout the U.S. open.
The Euro (Eur/Usd) helped by a strong U.S. session, gained 110 pips on Wednesday. During tonight’s Asian session, the euro advanced 40 pips to test the high reached in the prior U.S. session, but the pair lacked the necessary momentum to break any important price point.
The Pound (Gbp/Usd) formed a large doji-star on the daily chart on Wednesday, even though the pair traded very volatile. During the Asian session, the pound rose 40 pips to test the intra-day resistance that connects the 06.11 and the 06.16 highs, but still the pair was not able to break higher. The pound’s European calendar is loaded with important releases, something that may keep the pound’s momentum at high levels.
The Aussie (Aud/Usd) formed two consecutive doji-stars on the daily chart, something that suggests investor’s indecision over the pair’s valuation. Moreover, the aussie is trading barely above the 0.7850 area, which had been holding the pair since late May. During tonight’s Asian session, the aussie gained 40 pips.
The Cad (Usd/Cad) formed a pin-bar on the daily chart on Wednesday, which suggests a reversal of the recent trend may be coming. During the Asian session, the cad declined 30 pips as it tried to break below the 1.1300 area and below Wednesday’s low.
The Swissy (Usd/Chf) closed 90 pips lower in Wednesday’s trading session, even though the pair fell almost 125 pips during the intra-day session. On Thursday morning, the Swiss National Bank is expected to maintain the 3-months Libor rate at 0.25%, and announce that it favors a weak Swiss franc.
The Yen (Usd/Yen) had a 40-pip range during the late U.S. session and throughout the Asian trading hours, as the pair trades slightly above the 95.50 swing area. Earlier in the day, the pair failed a test at the 96.50 area, where the 20,100 and the 200- day moving averages met.
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