USDCHF slumps lower
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The US dollar gave up most of its recent gains after hitting a firm rejection. The pair continues its way lower after falling through the psychological level of 0.7700. A continued bearish breakout of the recent downturn would expose the previous low towards 0.7620. On the upside, 0.7725 is the first test, and 0.7800 is a key level to maintain a possible momentum switch.
AUDUSD pushing higher
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The Australian dollar continued to advance after bouncing off the recent low. The pair seems to have secured a foothold past 0.7000, and a subsequent move above 0.7050 has prompted sellers to close some positions. The Aussie could see a meaningful rebound back above 0.7150 if it clears the latest hurdle of 0.7100. On the downside, a fall below 0.6930 would send the pair towards 0.6850 to test the recent weekly low.
GBPJPY choppy and undecided
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The currency pair has seen strong consolidation in recent sessions, suggesting a sideways channel will likely remain. With many rejections at the 215.00 level, analysts are predicting another downturn in line with the trend. 212.15 looks for support, but if this is broken, then prices could begin the shift back towards 210.00, as a bearish divergence could come into play on the RSI. A break above 214.00 could signal a final breakout, and a move past 215.00 is likely.
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Intraday Analysis - Monday, Feb. 9
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