It was an interesting session for the London forex markets today, with the U.S. dollar finding some strength and delivering excellent intraday trading opportunities across the currency majors.
Of these, the Aussie, Swiss Franc and the euro were the standout choices, with the British pound following the USD on the faster timeframes, delivering a weak trend when compared with others on the currency strength indicator. While the U.S. dollar continues to remain bearish, with U.S. dollar positions on the CFTC weekly report now reaching an extreme weighting, there is now the possibility of a reversal longer term. Given the monthly chart for the DXY, we could see a recovery as witnessed in 2018.
Finally, in the vein of longer-term, it was time to check in on Bitcoin, which is developing interesting congestion on the daily timeframe as the price consolidates in the volatility candle.