Kickstart your trading day with a technical look at the EURUSD, USDJPY, GBPUSD and USDCHF

Dollar selling is the theme in the FX market today, and with that, the major currency pairs versus the US dollar are breaking through some technical levels and targeting others.

EURUSD: The EURUSD is looking toward the 38.2% retracement at 1.05628. Get above that and it opens the door for further upside momentum.

USDJPY: The USDJPY fell below its 200 bar moving average only four hour chart at 152.73, and the 200 day moving average of 151.982. The price is testing its early November low at 151.275. Right below that level and traders would look toward the 38.2% retracement of the move up from the September low at 150.182 as the next major target.

GBPUSD:The GBPUSD above its 100 and 200 hour moving averages and next target the swing highs from last Thursday at 1.2660. Break above that level and the 38.2% retracement of the November trading range at 1.2699 would be targeted

USDCHF: The USDCHF is lower with the USD selling and tests a swing area between 0.8816 and 0.8826. Also within that area is the 200 day moving average, the 100 bar moving average on the four hour chart, and the 38.2% retracement of the November trading range. That makes that area a key barometer for both buyers and sellers. Move below would be more bearish. Stay above would keep the buyers in control.

This article was written by Greg Michalowski at www.forexlive.com.