The early move in the US dollar has seen a reversal as the markets ponder the idea that Pres. Trump may get another Fed nominee given the mortgage fraud allegations against FOMC member Lisa Cook.
EURUSD: The EURUSD sellers took the price down toward the 50% retracement of the move down from the July 1 high, but found buyers in the early European session. The rebound higher has now seen a additional push which now takes the price above the 200 and 100 hour moving averages between 1.1664 and 1.1668. The high price of just reached 1.1673.
USDCHF: The USDCHF was trading above its 100 and 200-hour moving averages between 0.8066 and 0.8073. The price has moved down to a new session low at 0.8054. The next target would come at the low prices from the last five days between 0.80438 and 0.80467. The 50% retracement of the range since the July 23 low is also in play near that area at 0.8041. If the price can get below that area it would of the door for further selling momentum and increased bearish bias.
USDCAD: The USDCAD slipped back below 1.38607 after briefly pushing to a session high of 1.38828, which narrowly surpassed the August 1 swing high at 1.38786. That upside break has now faltered, suggesting a potential failed breakout. For buyers to regain control, the pair must push through the 1.3891–1.3904 swing area, opening the path toward the 38.2% retracement of the March 4 decline at 1.39229. Despite reaching its highest level since May 22, the technical picture shows that buyers still have work to do before shifting momentum decisively in their favor.
US stocks are set to open, with the S&P trading down -5 points, and the Dow industrial average trading up 28 points. The NASDAQ index is down -41.5 points in premarket trading.
