Talking Points
- EUR/USD –Spot joins OBV at new lows for the year
- USD/JPY turnover pick up on recent breaks
- USD/CHF closes at a new high for 2014
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD broke under the 78.6% retracement of the 2012-2014 advance this week to trade at a new low for 2014
- Above average volume over the past week or so is supportive of the broader downtrend
- A new yearly low in On-Balance-Volume (OBV) is also supportive of a broader downside resumption
- A move over 1.2575 on above average volume is required to shift attention higher
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY broke through several long-term retracements over the past week to trade as high as 115.58
- Increase in daily turnover over the past week is supportive of the uptrend and suggests healthy accumulation
- New highs in OBV (which led spot) further supports the trend
- A close under 113.40 on above average volume would turn us negative on USD/JPY
Daily Volume Chart: USD/CHF
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/CHF closed at a new high for 2014 on Thursday
- A rise in daily volume over the past few days is supportive of the break higher and suggests broad accumulation
- Accompanying highs in OBV is also quite positive
- A daily close under .9580 on above average turnover would turn us negative on USD/CHF
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— Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
To contact Kristian, e-mail kkerr@fxcm.com. Follow me on Twitter @KKerrFX