This week, the USD was generally weaker, especially after the FOMC meeting minutes were released. Interestingly though, the minutes focused on ending QE, which carries a hawkish tone. At the end of the week, we are seeing USD take back some of those losses. Let’s take a look at the USD/JPY, EUR/USD, GBP/USD.
The USD/JPY might start to find some short-term support as it closes in on 101, and the 100.75 2014-low. However, clues have been building up for a bearish breakout from 2014’s descending triangle. The EUR/USD has already been weak. It consolidated in June, but is looking at bearish continuation signals in different time-frames. The soft USD earlier in the week is now looking strong compared to the ailing euro. GBP/USD has been bullish, but it is also giving way to some USD-strength at the end of the week. Still, there is no bearish signal, and the GBP/USD is poised to continue hammering at the highs on the year around 1.7175.