Markets Eagerly Awaiting US Non-Farm Payrolls

The euro saw a mild upward correction during mid-day trading yesterday amid hopes that Ireland would ratify a euro-zone fiscal pact. That being said, the rally was short-lived and the EUR/USD was once again trading below 1.2400 by the afternoon session. Today, the US Non-Farm Payrolls figure is likely to be the highlight of the trading day. The all-important employment statistic has come in below expectations two-months in a row. Should today's news again disappoint, the USD could extend its recent bearish trend against the safe-haven Japanese yen to close out the week.

EUR/USD

A bullish cross on the daily chart's Slow Stochastic indicates that this pair could see an upward correction in the near future. This theory is supported by the weekly chart's Williams Percent Range, which has dropped into oversold territory. Opening long positions may be the wise choice for this pair.

GBP/USD

Long-term technical indicators are providing mixed signals for this pair. On the one hand, the weekly chart's MACD/OsMA has formed a bearish cross, meaning downward movement could occur in the coming days. That being said, the same chart's Williams Percent Range has dropped into oversold territory. Taking a wait-and-see approach may be the wise choice for this pair.

USD/JPY

While the Williams Percent Range on the weekly chart has dropped into oversold territory, most other technical indicators show this pair trading in neutral territory. Traders may want to take a wait-and-see approach, as a clearer picture is likely to present itself in the coming days.

USD/CHF

The Relative Strength Index on the daily chart has crossed over into the overbought zone, indicating that this pair could see downward movement in the near future. Furthermore, the weekly chart's MACD/OsMA has formed a bearish cross. Opening short positions may be the right move for this pair.

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