The Greenback’s broad based rebound is still in play. The BoE and ECB will decide on rates this week and on Friday we have the US Unemployment Figure. Therefore, any data from either the US or Euroland will be significant this week – especially the Construction data in the US and Euroland today

Any signs of continuing hawkishness from the Fed will only give more support for the strengthening Dollar..

Herewith the Probability Studies for Today:

EUR/USD – Bearish Trading Condition. A bearish 60minute trend accompanied by bearish hourly indicators places the EUR in a suitable bearish trading condition. Also, as soon as we see a significant lower peak, we can identify a new bearish Current Trend but for now the bearish 60minute trend is adequate enough

USD/JPY – No Trade Zone within a Bullish Probability. Although the 60minute trend is bullish, price is finding serious resistance at 105.70 as well as the bearish Major Trend resistance line (Red line). Therefore price must first violate this resistance before we will have a closer look

GBP/USD – No Trade Zone within a Bearish Probability. Price is once again converging with the bullish Current Trend Support line (blue line) and this support has to be violated and confirmed before the GBP will be deemed tradeable

USD/CHF – No Trade Zone within a Bullish Probability. Price has to break significantly above 1.0500 before we will deem the CHF bullish although the 60minute trend is still intact. Nevertheless, the fact that price moved back above 1.0300 scrapped any remaining bearishness of our books

To view a more in-depth analysis on the other pairs such as the AUD and CAD crosses, please visit our Live Trading Room at
http://www.fxinstructor.com/eng/ltr
to see and hear our FXInstructors analyse the markets and identify trades