Warsh speech impact on major currency technicals

Major currency pairs are trading near technical levels as markets await Fed Chair Warsh's Jackson Hole address. Traders are saying, "We don't really know what to expect, so we will let the Fed chair influence the next shove."

The technical analysis covered EURUSD, USDJPY, and GBPUSD, along with USDCHF, USDCAD, NZDUSD, and AUDUSD. What are the biases, risks, and targets? Where will the next shove send the price?

Much depends on the Fed chair's tone, his leaning toward or away from Trump, and how convincing he is to the market.

Before the speech, stock markets were mixed: the Dow rose 90 points, the S&P 500 added 7.50 points (0.09%), and the Nasdaq was unchanged.

U.S. Treasury yields edged higher across the curve, with the largest increases in intermediate and long-term maturities:

• The 2-year yield was 4.238%, up 0.6 basis points.
• The 5-year yield was 4.405%, up 0.9 basis points.
• The 10-year yield was 4.680%, up 0.8 basis points.
• The 30-year yield was 5.197%, up 0.6 basis points.

The curve remains upward sloping, with the 2-year/10-year spread at about 44 basis points and the 2-year/30-year spread near 96 basis points.