Trade ideas thread – European session 12 July 2023

<p>The dollar looks bound for another leg lower now and we might just get a confirmation of that after the US CPI data today. Here's how the charts are playing out:</p><ul><li>EUR/USD on approach to the April and May highs of 1.1075-95</li><li>USD/JPY breaking back below the 140.00 mark</li><li>GBP/USD venturing near a test of the 1.3000 handle</li><li>USD/CHF falling below 0.8800 with the 2021 low at 0.8757 in focus</li><li>AUD/USD nudging above its 100 and 200-day moving averages above 0.6700</li><li>Gold looking to shake off near-term resistance at $1,935-37</li></ul><p>Besides that, yen pairs themselves are also looking for a stronger correction with EUR/JPY down over 400 pips from the highs at the end of last month and GBP/JPY down over 300 pips in that same period.</p><p>There's certainly plenty of action all around as we head towards the main event later today.</p><p>What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.</p>

This article was written by Justin Low at www.forexlive.com.