The dollar rose against most major currencies today, coming off a one-year low against the EUR as waning risk appetite cut demand for higher-yielding currencies and other assets. The U.S. currency gained a respite on Friday as investors trimmed their positions ahead of holidays in Japan next week, although the trend for broad dollar weakness was seen as likely to persist.
The EUR/USD cross is actually currently trading higher by 15 pips today at 1.4715. However, against the GBP, the Dollar is trading higher by 80 pips at 1.62.75, as we see a sharp correction in the pair's behavior. The USD/JPY pair is level today at 91.30.
With no major U.S. data scheduled for release today, forex investors will likely take their cue from flows into equity and commodity markets.
USD/CHF Provides Bullish Signals
The pair has recorded much bearish behavior in the past week. However, the technical data indicates that this trend may reverse anytime soon. For example, the daily chart's Stochastic Slow signals that a bullish reversal is imminent. An upward direction is also supported by the chart's RSI. Going long with tight stops may turn out to pay off today.
