Littlefish FX | Jun 24, 2013 05:53PM ET
A relatively quiet Monday provided some form of a late bounce in the USD, as crosses found some support.
Various speakers are up this week with the potential to cause some rebuttal or possibly some form of clarification on Bernanke's comments. Various European commentators including Draghi have been penciled in for some comments.It is key to watch for comments after aggressive moves as they tend to add fuel to the fire or to control it slightly. This can result in some rather volatile periods in low volume conditions.
Price action on Monday was relatively dull. The USD really struggled to push higher, which resulted in a slight move lower as the day wore on.
EUR/USD
We held short in the euro, although we still expect this pair to bounce before moving lower. Ideally we would like to see higher moves capped by the 1.3200 handle.
This is a good pair to watch on the Daily charts, as the short EUR/AUD could point to some chop or a move higher in the Aussie, with a push lower in the euro.Since April, the pair has continued to pull back to around the 55/60 reading in RSI before pushing higher, so it will need a big push in the order for us to see more than a small correctional move again. Should we see this soon, there is a real possibility with the euro failing and the Aussie chopping sideways.
EUR/CHF
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