The jobs numbers were obviously not as favorable for bulls as they would have expected. With barely a 69k jobs created for the period and while the the EZone unemployment rate climbed to 11% had the mixed price reaction from the majors.
Noting that the USDx indeed made a corrective move lower at the 82.65 low for the day this would simply be taken as a fraction of the rally which established an 18 month high for the US Dollar marking an 83.55 high for the week. The over-lapping new trading day for the new month of June would establish another mix price reaction from both directions yet the primary trend remains to be bullish for the USD. On the technical side, a new consolidation period within the trading ranges of 83.50 with extensions as high as 84.05 and a low of 81.89 would be at play before a resumption of the rally.
Daily pull-backs would be limited to the specific currency pairs; although the direct correlation would be focused on the Euro,the Pound Sterling, Swiss Franc and the Japanese Yen. However, the focus on the EURGBP cross rate may well be the next probable market to check as the 0.7950 has held well enough from the 2nd attempt lower.
Finding some earlier bids from institutional players at the 0.7970 were well kept in place, while currently working at the 0.8059 recovery price with a swing high at the 0.8775/80 range we mentioned before. No such confirmation can be called as of this writing, but this recovery period may be encouraging for mid-term trade positions and to watch its development alongside with the behavioral price action of the Euro and the US Dollar.
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