Investors Eagerly Await Results of ECB Meeting Today

The US dollar received a mild boost against the Japanese yen yesterday, after the US ADP Non-Farm Employment Change came in higher than analysts had forecasted. Against the euro, the dollar was relatively unchanged throughout the European session, as investors remained hesitant of opening fresh positions ahead of policy decisions out of the US and euro-zone. Today, an ECB policy meeting followed by a press conference is likely to be the highlight of the trading day. If the ECB announces any fresh initiatives to boost euro-zone growth, risk taking could return to the marketplace which may result in gains for the euro.

EUR/USD

The weekly chart's Slow Stochastic has formed a bullish cross, signaling that this pair could see upward movement in the coming days. This theory is supported by the Williams Percent Range on the same chart, which has crossed over into oversold territory. Going long may be a wise choice.

GBP/USD

While it appears that the MACD/OsMA on the daily chart is close to forming a bearish cross, most other long-term technical indicators place this pair in neutral territory, meaning that no defined trend can be predicted at this time. Traders may want to take a wait and see approach for this pair, as a clearer picture may present itself in the near future.

USD/JPY

The Williams Percent Range on the weekly chart has crossed into oversold territory, indicating that this pair could see upward movement in the near future. Furthermore, the MACD/OsMA on the daily chart has formed a bullish cross. Going long may be the wise strategy for this pair.

USD/CHF

The Bollinger Bands on the weekly chart have begun to narrow, indicating that this pair could see a price shift in the near future. Furthermore, the Slow Stochastic on the same chart has formed a bearish cross. Opening short positions may be the smart move at this time.

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