Dollar slowly chewing up through the levels via ForexLive

Slowly the buck is making a move through various close levels and so we could be setting up for a move out of the short term ranges.

USD/JPY Daily chart 25 07 2014

USD/JPY is above the 55 dma and using it as support at 101.80 and it's broken the minor downtrend at 101.84. The 102.00 level is being straddled by the 200 dma  at 101.95 and the 100 dma at 102.05. 102.20/25 has been a sticky point before.

It's hard to jump on a move at these levels as we've been here many times before when breaks have failed. Keeping it short and sweet (trading between the edges) continues to be the play but it might be worth keeping some skin in the game if we do see a strong move up through 102.00

Another dollar pair that is creeping higher is USD/CHF. We were following the moves ahead of US inflation and I mentioned that the 0.90 level was key for the buyers to maintain and they've done so.

USD/CHF Weekly chart 27 05 2014

There's a fairly substantial hurdle higher up with both the 200 and 100 dma in close proximity to the old 2012 support line at 0.9165/75. If we can scale up above the 0.9080 level then the buck can target those higher levels.

It's still all slowly slowly stuff but it makes for an environment where a week down the line we've crept up 50-100 pips without much of a fuss.

posted via ForexLive