TechnoMeter

Talking Points

• EUR/USD trades at a new low for the year
• USD/JPY surges past 112.00
• USD/CHF OBV at new highs, spot is not

Daily Volume Chart: EUR/USD

• EUR/USD broke below the early October low this week to trade at its lowest level since August of 2012
• Above average volume over the past couple of days indicates the broader downtrend is attempting to reassert itself
• New yearly low in On-Balance-Volume (OBV) is also supportive of a broader downside resumption
• A move over 1.2765 on above average volume is required to refocus higher

Daily Volume Chart: USD/JPY

• USD/JPY exploded higher on Friday to trade at its highest level since December of 2007
• Increase in volume over past couple of days is supportive on the uptrend
• New high in OBV also very supportive of the broader advance
• A close under 110.10 on above average volume would turn us negative on USD/JPY

Daily Volume Chart: USD/CHF

• USD/CHF has moved steadily higher over the past few days, but so far has been unable to surpass the early October yearly high
• Rise in daily volume over past couple of days is potentially supportive of a broader upside resumption
• New yearly highs in OBV is also potentially positive
• A daily close under .9440 would turn us negative on USD/CHF

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com


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