As markets get ready to open in Europe, here is a quick look at what is happening in the forex majors based on the monthly chart. Ths USD managed to break out above resistance and that is setting things up for a very interesting session today. With US GDP in the spotlight, there could well be more upside ahead.

This analysis is based on momentum and if we are getting ready for a short-term turning point.

USD (DXY) – Neutral – Testing Resistance

USD/CHF – Turning Higher

USD/JPY – Range Bound

EUR/USD – Temporary Low – Pause for Now

USD/CAD – Still Breaking Out

GBP/USD – More Downside Ahead

AUD/USD –  Pushing Lower

NZD/USD – Breaking Out and Move Lower

Best Momentum Pairs

NZD/USD – The bearish RBNZ will help add to the pain for the Kiwi as it looks to be moving lower.

USD/CAD – The USD/CAD is trying to break out but has been met by selling in the short-term.

GBP/USD – The GBP/USD is having another run at support.

Things to Watch on Thursday

The US will be releasing GDP today and it is a release that certainly has our attention. A few weeks ago we saw retail sales have a big win. And that has lifted expectations on this release. A beat will see the USD power onward and upward and pressure the majors.