Price Analysis & News for the US Dollar and the Nonfarm Payrolls (NFP) Ahead of the market holidays, all eyes are on the NFP. Pre-USD Buying Increases Risks in Both Directions Pre-NFP USD Buying Increases Risks in Both Directions Pre-positioning ahead of today’s NFP report has been on USD purchasing across the board, with the greenback already above post-June FOMC highs. However, given the FOMC’s recent hawkish tilt and the increased priority placed on the labor market, which has yet to meet the substantial improvement goal, today’s NFP report presents good two-way risks for the USD. The NFP report will be the first since the June FOMC meeting, when the bank signaled that it is less willing to run the economy hot, altering its reaction function and so elevating the relevance of economic data in the future. Bulls will be looking for a big headline figure as well as solid details in the report, given the pre-NFP USD purchasing. If this is the case, the greenback might hit 93.00 in no time, while USD longs against the CHF could be a good indicator of a strong NFP report, especially as CHF net long positioning remains stretched. On the other hand, if the NFP data disappoints, and USD selling is expected to follow, my preferred expression would be to look for a USD/CAD decline. It’s also worth noting that we’re approaching US market holidays, so as the dust settles after the NFP, keep an eye out for probable profit-taking. USD/CAD, USD/CHF Technicals EUR/USD: 1.1750 (1.12BLN), 1.1800-05 (730M), 1.1820-25 (1.8BLN), 1.1850-55 (2.7BLN), 1.1865 (1.0BLN), 1.1875 (413M), 1.1885 (500M), 1.1890-00 (2.36BLN), 1.1915 (1.1BLN), 1.1940 1.2BLN) EUR/USD: 1.1750 (1.12BLN), 1.1800-05 (730M), 1.18 USD/JPY: 110.75-80 (1.6BLN), 111.00 (2.0BLN), 111.40-50 (1.78BLN), 111.75 (1.9BLN), 112.00 (1.9BLN), 112.00 (1.9BLN), 112.00 (1.9BLN), 112.00 (1.9BLN), 112.00 (1.9BLN), 112.00 (1.9BLN), 112.00 (1.9BLN), 11 (478M) 0.7400 AUD/USD (755M), 0.7500 AUD/USD (463M) 0.7000-10.00 NZD/USD (700M)/n
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