** Fundamental Analysis

The USD was higher against its major counterparts Wednesday, heading toward its highest levels versus the EUR since last summer, following the release of better than expected economic data from the U.S.

USD - The USD Rallies on Better than Expected Economic Data

EUR - Credit Concerns Continue to Pressure the EUR

JPY - Yen Gains on Poor Data from Asia

Crude Oil - Crude Prices Decline on Weak Demand

** Technical Analysis

EUR/USD
This pair is giving off moderately strong bullish signals. The 4-hour Stochastic (slow) is showing a fresh bullish cross, indicating an impending upward price movement. The daily RSI also appears to be in the over-sold territory and cascading upward, suggesting strong bullish momentum. Going long on this pair may be a wise move today.
GBP/USD
A fresh bullish cross has formed on the 4-hour Stochastic (slow) for this pair. As the price has just touched the lower border of the 4-hour Bollinger Bands, there may also be an indication that it will retrace itself back towards the upper border, indicating bullish pressure on this oft-traded currency. Going long could be a profitable tactic today.
USD/JPY
The technical indicators on this pair don't seem to be giving off much indication of direction. However, the pair is range-trading in a bullish channel and has just touched topped a recent peak, suggesting that the price may experience a downturn as it continues floating within this range. Buying on lows and selling on highs within this range may be a good choice for the rest of this week.
USD/CHF
This pair has just witnessed a bearish cross form on the 4-hour Stochastic (slow) and may soon move in a downward direction. The daily RSI also has the pair just about to exit the over-bought territory, suggesting downward pressure. Going short on this pair would probably be the best strategy in today's trading.