Inside the Currency Market: 14 USD Pairs

Below are 14 USD pairs, highlighted by overbought / oversold determinations and major support and resistance points. Levels are actionable and trade able points. The commonality for the most part across all 14 pairs is USD is overbought. In G 10, USD/CAD remains past and present way overbought, USD/JPY is approaching overbought while USD/CHF fails in overbought / Oversold determinations because its trapped by major supports below and major resistance points above. The USD/CHF phenomenon is seen in an overbought NOK but oversold SEK. Trends are found in INR and KRW provided supports hold as both pairs are way oversold. THB and SGD earn the way overbought distinction while TRY, IDR and RUB as well remain severely overbought. HUF is holding its own but nothing special exist in overbought / oversold revelations. USD/CAD will be posted here this afternoon in more detail.

What holds USD in overbought is the promise by Big Sis Yellen to raise Fed Funds. Failure to do so will see USD drop like a rock. The disastrous Non Farm Payrolls report Friday only adds to further uncertainty. Accompanied by further uncertainty could very well see an uncertain USD price, wandering and meandering in ranges until a firm message or actual hike is delivered.

USD/JPY. 119.86 close. Above 120.86 and 122.36.

USD/CAD. 1.3148 close. 1.3073 and 1.2959. Way overbought.

USD/CHF. 0.9705 close. 1.0372 above vs 0.9466, 0.9592, 0.9660.

USD/NOK. 8.3821 close. 6.4451, 8.1572, 8.2447. Way way overbought.

USD/SEK. 8.3544 close. 8.4357, 8.4184, 7.6967, 6.9873.

USD/INR. 65.20 close. 65.17, 64.79, 54.15, 53.54.

USD/KRW. 1173.09 close. 1166.79, 1160.91, 1125.99, 1112.43, 1112.39. Oversold.

USD/IDR. 14,722.50 close. 14,122.32, 13.794.50, 10,312.08 Way overbought.

usd/SGD. 1.4328 Close. 1.4798, 1.5208, 1.4016, 1.3842, 1.2929. Overbought.

USD/THB. 36.42 close. 35.40, 35.03, 33.34, 31.68 Overbought.

USD/RUB. 66.05 close. 63.55, 61.88, 35.62 Severely overbought.

USD/HUF. 279.23 close. 280.28, 279.33, 228.34, 224.37, 224.35.

USD/TRY. 2.98 close. 2.9091, 2.8338, 1.9894, 1.9119.

More trades, info posted here over the weekend and we continue as usual. Prices flew before I was able to post, same as last month.

Brian Twomey, Inside the Currency Market, btwomey.com

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