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Overall, the currency markets was still reluctant to break anywhere decisively during the overnight session. The only exceptions were the yen, which posted some strong gains overnight, and cable. Other than this, the major pairs traded side-ways, waiting the next move from the S&P futures. Additional momentum may join the currency market during the U.S. open, as traders prepare for a number of top-tier releases.

The Euro (Eur/Usd) traded side-ways during the Asian session, but surged higher ahead of the German unemployment release, which showed an unexpected improvement in the labor market. On the 4 hour chart, the euro appears to be trading in an upward channel. 

The Pound (Gbp/Usd) fell as much as 120 pips during the overnight session, being the only one of two major currencies that declined against the dollar, together with the yen. The pair fell to the 1.5850 area, but reversed some of the declines as the S&P futures appeared to want to break higher. 

The Aussie (Aud/Usd) traded slightly below the neutral pivot point (0.7795) during the overnight session, even though it managed eventually to break higher. For now, the aussie trades above all the important daily simple moving averages, near the highest point it touched in the last eight months of trading.

The Cad (Usd/Cad) had a slight attempt to move higher after the London open, but the pair reversed direction as it approached the 23.6% retracement of the trend that lasted from 05/18 to 05/27. The cad’s outlook lies to the downside, as long as crude oil is heading higher. 

The Swissy (Usd/Chf) continued trading in very volatile fashion during the Asian and early European sessions, but still was unable to break anywhere decisively. The pair traded side-ways in a 30-pip range, around the high touched on Wednesday, but during the second part of the European session, the swissy actually managed to break the range to the downside.

The Yen (Usd/Yen) had a very strong overnight session, even though the rest of the majors moved mostly side-ways. The pair surged 170 pips since the Thursday session began, breaking above the 20 and the 100-day simple moving averages. Additionally, the pair touched a resistance trend-line that connects the 03/19 and the 04/28 lows. 
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