It was an interesting session for the London forex markets this morning with the US dollar finding some strength and so delivering excellent intraday trading opportunities across the currency majors. Of these, the Aussie, Swiss Franc, and Euro were the standout choices with the British pound following the USD on the faster timeframes, and so delivering a weak trend when compared to others on the currency strength indicator. Whilst the US dollar continues to remain bearish, with US dollar positions on the CFTC weekly report now reaching an extreme weighting there is now the possibility of a reversal longer term of the currency of first reserve and even more so given the monthly chart for the DXY, and we could see a recovery as witnessed in 2018. Finally, in the vein of longer-term, it was time to check in on Bitcoin which is developing interesting congestion on the daily timeframe as the price consolidates in the volatility candle.
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