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Overall, the dollar index fell down to the 78.70 area, reflecting the declines seen during the Asian session. Tonight was among the first days of the last few weeks of trading, in which the major currencies managed to develop a trend during the Asian session. The big play now will be to keep the uptrend going during the London open, something that will probably help the forex market break-free from the range of the last few days of trading. 

The Euro (Eur/Usd) gained 40 pips throughout the Asian session, helped by the gains seen in the S&P futures. Ahead, the euro still needs to break above the 1.4265 area, where it topped over the last few trading sessions, in order to test the high of the current year, in the 1.4340 area. 

The Pound (Gbp/Usd) approached the 1.6500 area during the Asian session, near the same place where the pair topped in the last U.S. session. On Wednesday, the pair sold off very strongly during the overnight session, but then recovered throughout the second part of the day. During the European session, the pound has a number of important releases scheduled, which might affect the pair.

The Aussie (Aud/Usd) is trading near the resistance area of the channel seen throughout the last few trading sessions, helped by the 35 pips it gained during the Asian session. If the aussie breaks higher, it will run in the 0.8250 resistance area, where the current high of the year is located.

The Cad (Usd/Cad) declined 25 pips throughout the Asian session, and is currently trading somewhere above the low of the prior two days of trading. Later in the day, the BoC is expected to hold a press conference, in which the bank will probably provide a bullish outlook. 

The Swissy (Usd/Chf) is currently trading near the lowest value it has touched so far this year. During the Asian session, the swissy bounced from the neutral pivot point and declined 25 pips. On Thursday, the swissy has a clear economic calendar, something that may be reflected in the pair’s valuation.

The Yen (Usd/Yen) surged 70 pips even from the first few hours during the Asian session, pulled by positive S&P futures. Helped by the uptrend started in the last U.S. session, the yen recovered almost every pip it lost over the last two prior days. The next major resistance area that the yen will have to face is the 94.50 area, where the 20-day moving average can also be found.

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