Although last week’s decline took the USD Index under the late June’s lows, currency bulls didn’t break down with this deterioration and responded to their rivals fairly in previous days. Thanks to their determination, the greenback has wiped out most of the recent decline, which in combination with several other positive factors about which we wrote in today's Forex Trading Alert suggests that ...

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In today's Forex Trading Alert, we present you with an update of a very short-term situation in all our currency pairs. One of them deserves special attention and applause. Can you guess what we mean?

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Yesterday, the U.S. currency increased against the yen, which took USD/JPY above the upper line of the medium-term consolidation. Positive event? Yes. However, there is one important factor that keeps this currency pair below the level of 112. Do you want to check its impact on the exchange rate?

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They say that the fortune favors the bold, but “they” clearly have never tried making money while trading the forex market. “Nobody ever got broke by taking profits” seems more reasonable as far as sayings go, but the truth is that in the end it’s always the risk to reward that decides whether a given position should be held or not and deviating from it is costly sooner or later. The situations in the EUR/USD and USD/CAD pairs were just very favorable, but they are now only somewhat favorable and exercising the above key rule seems appropriate. This is a profitable execution.

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On Friday, GBP/USD verified the earlier breakout above the upper line of the consolidation, which encouraged the buyers to act. Thanks to their determination, the exchange rate reached the first upside target, making the long positions profitable. What’s next?

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