The sharp revisions in the lower-than-expected NFP, has sent the US dollar to downside. What did the price action due to the technicals?
- EURUSD: The 100-day moving average held as solid support, helped in large part by the reaction to the U.S. jobs report. The initial move lower took the pair down to the key level near 1.1400, but buyers stepped in aggressively. The price has since rebounded sharply, breaking back above the 100-hour moving average at 1.15042. The rally extended to a session high of 1.1558, which stalled just below the 38.2% retracement of the decline from the June high. That level also corresponded with swing lows from mid July increasing the levels of importance. Getting above is needed to increase the momentum to the upside. Watching the 100 hour moving average on the downside.
- USDJPY: The USDJPY has fallen below the 200 day moving average at 149.51 and also the 50% midpoint of the 2025 range at 149.375. Those levels are now strong resistance. The price should not go back above those levels if the sellers are to keep control at least in the short term. The price low has come down to a swing area near 148.56 and 148.73. Move below that level and the rising 100 bar moving average on the 4- hour chart comes in at 147.95. That level also corresponded with the swing high from June. Key level to get to and through on the downside.
- USDCHF: The USDCHF has come off as a result of the weaker than expected US jobs report. The high price today extended up toward the 50% midpoint at 0.81732 ahead of the report. But the weaker data as push the price sharply lower and back below the rising 100 hour moving average at 0.80856. A swing area between 0.8054 and 0.80628 is also being reached. The rising 200 hour moving average comes in at 0.80159.
This article was written by Greg Michalowski at investinglive.com.
