Big Moves in the Currency Market

Most currency traders only have their eyes on the “majors” such as EUR/USD, USD/JPY, and the GBP/USD. Admittedly, these are the most liquid currency pairs, but sometimes opportunities could be missed if you are not also looking at the crosses. Trends are usually more powerful in the crosses than the majors and you may not have realized that some currency pairs hit multi-year lows today on an intraday basis:

GBP/JPY: fell to a 13 year low
NZD/JPY: fell to a 7 year low
CHF/JPY: fell to a 6 year low

On the upside:

EUR/GBP: hit a RECORD high
EUR/NZD: hit a RECORD high

Here are pairs that are closing in on significant levels

USD/JPY: 125 pips from 13 year lows (needs to break 90.92)
USD/CAD: 250 pips from 3 year highs (needs to break 1.3019)
NZD/USD: 130 pips from 5 year lows (needs to break 0.5193)
CAD/JPY: 110 pips from 8 year lows (needs to break 71.02)
GBP/CHF: 125 pips from 34 year lows (needs to break 1.7426)

Also on Monday, I indicated that the British pound was headed for 1.45. That target was reached this morning.

Here is the British pound chart:



  1. how do we determine whether it’s the majors leading the crosses or vice versa? it’s important to know as it helps to confirm the underlying move in major/cross is sustainable.


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