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USD up strongly across the board - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that USD is has been advancing strongly since the beginning of the Asian trading session.

Key quotes

"Stocks across the world trade higher, USD/JPY soared to a fresh multiyear high, while oil and gold nose dive to multi-years lows."

"Late yesterday, market knew the US Republican Party won control of the Senate, controlling therefore both houses of Congress. The result raised hopes for an easing of political gridlock in Washington, and less conservative policies to be applied from now on."

"In Europe, Services PMI came out above expected in Italy and France, albeit tumbling around 50, but German and the EZ readings ended up below previous month readings and below expected, pushing the EUR/USD below the 1.2500 where it now stands."

"Technically, the 4 hours chart shows price back below a bearish 20 SMA, while RSI turned strongly south below 50."

"Momentum remains flat above 100, not yet reflecting latest decline yet if current candle closes below the mentioned 1.2500 figure, the bearish pressure will increase: a short term support stands now at 1.2485 and a break below should see a quick slide towards 1.2440, while if this last gives up, 1.2370 comes next."

"Resistances for the upcoming sessions stand now at 1.2530, probable selling level if reached, followed by 1.2570 price zone."

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