Forex Trading: EURCHF testing 200 hour moving average at 1.6172

The EURCHF tested the 100 hour moving average earlier in the NY session and is now testing the 200 hour moving average at 1.6172. A break above should lead to higher levels. However, the pair has been up and down of late.

Forex Trading News - Bank of Japan Monetary Policy Meeting Minutes for July

The following are the highlights on the BOJ Monetary Policy Meeting Minutes:

• Agreed global inflation rising further.
• Have not seen secondary inflation, must watch out for signs.
• Companies will restrain wages for now.
• Should watch risk of keeping rates low.
• Economic growth will probably be sustained.

Forex Trading: GBPUSD hanging around the key Moving Average

The 200 hour moviing average (see earlier posts) have declined to the 1.8747 level. The marker is currently testing the level as the day heads toward the NY close.

The dollar has reversed the sentiment today in a number of key markets. Oil is up. Gold is up. Commodities are up. Focus on the banks have returned and the Russian/Georgian conflict is becoming more of any issue. Add to the picture moves through technical resistance levels and the market has a correction higher. We should see continued weakness in the dollar in the short term.

Forex Trading:GBPUSD breaks through 200 hour moving average

GBPUSD broke through the 200 hour moving average at the 1.8754 level. This will be the key level today. Watch for buyers against a 1.8750 stop loss by intraday techinical traders.