The Majors stay relatively quiet today

Recapping the Majors

EUR/USD- After staying pretty still yesterday, the Euro continued its downfall as it dropped slightly lower again today. The pair started off just above 3450 but has fallen and is now trading around the 3430 mark. The pair has been gradually moving down after hitting a high at 3681 on April 26th.

Result: The Euro dropped slightly lower against the Dollar today as it fell below the 3450 mark to around 3430.

GBP/USD- After a very big rally yesterday, the Sterling stayed very quiet today against the Dollar. The Cable pretty much stayed in between the 9850-9900 range and ended up closing right near its open which formed a spinning top. The Cable has rallied over 200 pips in the last couple of days before finally taking a break today.

Result: The Sterling pretty much stayed still against the Dollar today after making a huge rally yesterday.

USD/CHF- The Dollar rallied early on in the day and pierced through the 2300 mark again but faced resistance at the 200 SMA on the daily chart. The Dollar then proceeded to fall back down below 2300 and is currently trading right around its open price at around 2280. The pair has been relatively quiet after it had rallied from 2100 to 2300.

Result: The Dollar stayed pretty still today against the Swissy as it stayed right near 2280.

USD/JPY- The Dollar fell slightly to the Yen as it creeped below 121.50 and is trading right around 121.40. It’s not a significant gain but its the first since May 20th the pair has not made a new high. The pair has been rallying steadily for about 3 months now and the question now is when the pair will start its retracement.

Result: The Dollar fell slightly to the Yen as it dipped below 121.50 and failed to make a new high since May 20th.

Chart Analysis: What’s going to happen next?

EUR/USD

The Euro still looks like the bears are in its favor. The pair has been slowly moving down after hitting 3681 and it may continue down to 3400. Both 4hr and daily stochastics are trending down with daily stochastics just now entering oversold territory. Currently the pair is trading at around 3430 and I would expect the Euro to continue traveling down to 3400 sometime tomorrow.

GBP/USD

The Cable pretty much stayed quiet today after the huge rally it made yesterday. 4hr stochastics is showing an extended period of being in overbought territory which indicates a short term downward move. However daily stochastics are trending up nicely which leads me to believe that this rally may not be entirely over. Look for the pair to retrace down to 9800 followed by a continuation of its upward rally towards 9900.

USD/CHF

The Swissy is pretty much testing the 2300 and 200 SMA resistance point on the daily chart. The pair is still showing bearish indications as daily stochastics are trending down and are now leaving overbought territory while the 4hr stochastics have crossed down. Look for the Swissy to fall down to 2250 or even 2200 as the pair continues showing signs of a drop.

USD/JPY

The USD/JPY finally failed to make a new high and it may be the start of a downward move. Daily stochastics have been in overbought territory for an extended period of time now and 4hr stochastics are trending down. Currently the pair is trading right around 121.40 and I would expect to see it fall down to 121.00 in the near future.

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