The Risk Today:

EurUsd EUR/USD remains in its 1.3940 to 1.4200 range but the dip below 1.3980 suggests profit taking has started. On a US holiday with intraday momentum now reading oversold, hopes for follow through today aren’t high but into next week and throughout the rest of the month the risk is that the parameters of the wider 1.37 to 1.42 range are tested.

GbpUsd GBPUSD is still range trading within 1.6270 to 1.6600 but bigger picture the evidence for an unfolding top is becoming compelling and we are increasingly looking for reason to sell as from next week.

UsdJpy A break of trendline support at 95.25 is needed to hint at a more important downside potential and a test of the key 93.85/30 support zone.

UsdChf USD/CHF is locked between trendlines at 1.0630 and 1.1020 but for which investors show low enthusiasm so far.