Dollar recovers broadly today even though Fed officials sung a chorus emphasizing patience in monetary policy. Canadian Dollar is also firm with help from rebound in oil prices. On the other hand, Australian Dollar is trading generally lower together with Kiwi. Nevertheless, for the week so far, Sterling remains the strongest one, as UK GDP data is awaited.

Technically, it’s too early to say that Dollar is turning around the corner. We’d at least want to see break of 4 hour 55 EMA in EUR/USD at 1.2091 and 4 hour 55 EMA in USD/CHF at 0.9076, to give us some confidence on the sustainability of the rebound. Meanwhile, Canadian Dollar continues to outperform other commodity currencies. Break of 0.9447 temporary low will resume the fall from 0.9991 to 0.9247 cluster support.
In Asia, at the time of writing, Nikkei is down -0.59%. Hong Kong HSI is up 0.22%. China Shanghai SSE is up 0.11%. Singapore Strait Times is down -0.28%. Japan 10-year JGB yield is up 0.0078 at 0.084. Overnight, DOW dropped -1.36%. S&P 500 dropped -0.87%. NASDAQ dropped -0.09%. 10-year yield rose 0.022 to 1.624.

Source: www.actionforex.com