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Forex Flash: USD remains our currency of choice - JPMorgan

FXstreet.com (Barcelona) - USD remains JPMorgan's currency of choice if it comes to safe havens, comments John Normand, Global FX Strategy at the bank.

However, "in order to receive confirmation for a straight resumption of the broader up-trend, it takes breaks above 83.074 (minor 76.4 %) in the USD Index or equivalent below 1.2933 (200 DMA) and below 1.2853 (minor 76.4 %) in EUR/USD" John notes.

"Such breaks would also confirm the H & S topping pattern as shown in the weekly chart. Above 1.2853 though, another attempt to reach out for 1.3295 (weekly trend channel) and maybe even for 1.3483 (int. 76.4 %) can't be excluded yet" he added.

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Forex: Upcoming economic data the catalyst for EUR/USD?

It’s been a frustrating last few weeks for market participants trading the EUR/USD as the pair has basically tracked sideways since April 9th. Although it is holding up better than some of the other currencies such as the Aussie and Canadian, the coming session could provide bears with plenty of excuses to take the pair below the 1.3000 support level.
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