Closing Price Reversal Top Pattern Pressuring Euro
USD CHF Posts Daily Closing Price Bottom; Likely Position Squaring ahead of NFP Report
Profit-taking and position squaring ahead of Friday’s U.S. Non-Farm Payrolls Report helped form a daily closing price reversal bottom in the USD CHF on Thursday.
This could be something minor or it could be the start of an overdue correction. It all depends on how traders read Friday’s U.S. employment report.
Dollar/Yen in Position to Post Weekly Closing Price Reversal Bottom
Euro Posts Closing Price Reversal Bottom; Appears Ready to Turn Trend
The EUR USD posted a closing price reversal bottom after positive comments from Greek officials encouraged weak shorts to lighten up their positions. After touching a new low for the year overnight, the EUR USD turned around as the lack of fresh selling pressure scared some of the weaker shorts out of the market.
The U.S. Dollar see-sawed most of the day, before closing lower. The lack of economic reports caused a choppy two-sided trade. In addition, many traders stayed on the sidelines or evened up position ahead of this week’s many central bank reports. In most cases the Dollar continued its strength in a follow-through rally from Friday, but failed to hold on to its gains by the close.