USD moves lower despite rise in yields

The USD is moving to new session lows vs all the major currencies with the exception of the JPY. The declines come despite rise in US yields. The US 2-year is up 3.2 bps, the 10-year is up 5.8 bps, and the 30-year is up 5.6 bps.

EURUSD:

The EURUSD has moved above the high from yesterday at 1.09299 and now looks toward the high for the week at 1.09644. THe pair started the US session trading above and below the 100-hour MA at 1.09158 after basing in the Asian session near the high of a swing area between 1.08788 to 1.08959.

GBPUSD:

The GBPUSD is breaking above the 50% of the move down from the July high at 1.25886. Getting and staying above that level is more bullish for the pair. The pair based near the low of a swing area at 1.25248 earlier today. That gave the buyers the go-ahead to push to the upside.

USDCHF:

The USDCHF is trading to a new session low and in the process is now below the 61.8% of the move up from the July 2023 low. at 0.88186. THe next downside target comes in at the low of a swing area at 0.88052. break below that low and there should be more downside momentum. The trading range this week has been modest at 64 pips with a high at 0.8874 and a low at .0.8810. That is the lowest trading range since November 2020 (63 pips). There is room to extend if momentum can remain.