US Dollar Gains on Strong Housing Data

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US Dollar Gains on Strong Housing Data

Today, we had soft inflation data, which was expected. On a positive note, building permits and housing starts for July both came in better than June’s readings, and beat their forecasts. The US Dollar rallied across the board. Let’s take a look at USD/JPY, USD/CAD, and USD/CHF.

The USD/JPY pair looks to be in bullish continuation, poised to test the 103 handle, with upside risk toward the 103.75-104 highs from March-April. The USD/CAD had formed a double top but has maintained the bullish trend and momentum since then. After the US data, it looks ready for bullish continuation toward not only the 1.0986 high on the month, but the 1.1053 high from April. Finally, the USD/CHF is also signaling bullish continuation after a triple top. We can expect upside toward the 0.9115 high on the month, and the 0.9156 high on the year.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.