The USD is pushing to new session highs against the EUR, GBP, CHF, and AUD in late-day trading, showing renewed demand even as US yields move lower. The 2-year yield is down -7.4 basis points to 3.840%, while the 10-year is off -8.6 basis points at 4.354%. That divergence—stronger dollar alongside falling yields—suggests flows and positioning are currently outweighing rate dynamics.
At the same time, oil prices are holding firm, while equities are losing some upside momentum. The Nasdaq has erased earlier gains and is now chopping around unchanged. The S&P is still modestly higher by 0.21%, and the Dow is up 0.44%, but the tone is less convincing as the session progresses.
From a technical perspective, the dollar strength is showing up clearly across the major pairs:
EURUSD: The pair has broken below a key swing area between 1.1484 and 1.1491, turning that zone into a risk-defining level for sellers. Staying below keeps the bearish bias intact, with the next downside target coming near the March lows at 1.1407.
GBPUSD: Sellers have taken control after breaking below the March/2026 lows between 1.3217 and 1.3229. That area now acts as close resistance. On the downside, a daily swing area between 1.3138 and 1.3178 becomes the next target zone.
USDJPY: The pair initially moved lower, breaking below its 100-hour moving average at 159.45, but downside momentum stalled ahead of an upward-sloping trendline and the 200-hour moving average at 159.18. Buyers leaned against that support, and the pair has since bounced as broader USD buying re-emerges—even as concerns linger about underlying yen weakness.
USDCHF:
The USDCHF has extended to new highs, breaking above a key swing area between 0.7978 and 0.7989, which tilts the bias more firmly to the upside. The move has now pushed above the natural resistance at 0.8000, with the high reaching 0.8005. Holding above 0.8000 keeps buyers in control and opens the door for further upside extension. A move back below the prior swing area would be needed to take some of the bullish momentum away, but for now, the break and hold above that cluster gives buyers the green light.
AUDUSD:
The AUDUSD broke below a key swing area last week between 0.6896 and 0.6908, and that shift has clearly opened the downside. The break is significant because, going back to January, the pair moved quickly higher through that zone—leaving little in the way of meaningful support on the way down. That creates more of an “open road” feel for sellers. The next natural support comes in near 0.6800, followed by 0.6765. Beyond that, traders will look toward the January low at 0.6658 as a key longer-term downside target.
Bottom line:
The USD is in control across the board. EURUSD and GBPUSD have broken key support levels (higher USD), keeping the bearish bias intact with room to extend lower. USDCHF is breaking higher and holding above 0.8000, reinforcing upside momentum. AUDUSD has entered “open road” territory to the downside after its breakdown. The only pause is in USDJPY which is lower on the day (lower USD), but where buyers are holding key support after a dip—but even there, USD demand is starting to reassert itself.
