USDOLLAR short-term analysis – 08 June 2022
US yields have started moving up again, and the dollar is showing a strong correlation for June. In this regard, FXCM's daily USDOLLAR basket chart has moved from its area of weakness, between the bottom blue and red bands, into its neutral zone, between the blue bands (green rectangle). On a relative basis, this is a bullish movement and may suggest the recent weakness was nothing more than a dip in the uptrend.
The hourly chart is also positive. Both the trend following EMAs and the stochastic have crossed bullishly (black ellipses). The stochastic is now above 80 (blue arrow). If it holds this position, the hourly momentum will support the USDOLLAR. However, please note that if it rolls over and falls below 80, the rate of change may be declining.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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