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Home » Dollar lower across the board to start the week

Dollar lower across the board to start the week

Still, the euro struggles to overcome the 1.1150 resistance area

by Joseph Deen
June 1, 2020 13:16
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD
As the greenback is losing ground across the board on Monday, EURUSD extended gains and registered fresh two-month highs around 1.1150. This level acted as a strong resistance that prevented the common currency from further rally. As a result, the pair retreated and tuned flat on the daily charts, and it looks like we could see local profit-taking before the ascent resumes. If so, EURUSD may get back below 1.11 in the short term. On the downside, the immediate support arrives at 1.1075 and then at 1.1010 where the 200-DMA arrives. A decisive break above the mentioned resistance is needed to avoid a bearish scenario.

GBPUSD
GBPUSD bounced at the 50-DMA and accelerated the ascent on Monday. The pair rose to three-week highs around 1.2440. A break above this level will open the way towards 1.25. The technical picture on the daily timeframes looks bullish. The pair is trading above the key moving average, the daily RSI is pointing to the upside, and the pound is targeting the 1.25 barrier. On the other hand, here are 100- and 200-DMAs on the way north, with these levels acting as a local resistance. The RSI is yet to enter the overbought territory, suggesting the upside potential persists for the time being.

USDJPY
USDJPY remains flat, staying in a limited range. It looks like the dollar is not going to leave this parallel channel any time soon. On the upside, a meaningful resistance comes at 108.30 where the 100- and 200-DMAs arrive. Meanwhile, the initial support comes at 107.25 where the 50-DMA lies. in the four-hour timeframes, the pair is trying to cling to the 20-SMA while the RSI is looking neutral, suggesting some consolidation could take place in the near term before the dollar decides on further direction. The pair still needs to receive a directional impetus in order to get out of the current range.

USDCHF
USDCHF dipped to two-month lows on Monday. The pair extended losses to 0.9580 and bounced slightly, trying to get back above the 0.96 figure. Despite the dollar came off lows, the technical picture continues to point to downside risks while the 50-DMA marginally below the 0.97 figure. The daily RSI is pointing south, suggesting the selling pressure could reemerge soon. A daily close below the 0.96 handle will confirm the bearish outlook for the dollar. Furthermore, the greenback struggles to overcome the 50-SMA while the RSI is pointing to the downside on the hourly charts.

USDCAD
USDCAD failed to stay above the 100-DMA and plunged aggressively at the start of the week. The pair dipped to 1.3640 for the first time in nearly three months and remains under the selling pressure. As a result, the pair has neared the oversold conditions, with daily RSI pointing south. On the upside, the prices need to get back above 1.38 handle so that to ease the current downside risks. On the four-hour timeframes, the pair is further retreating from the short-term moving averages which is adding to the bearish outlook. Should the pressure persist in the near term, USDCAD may threaten the 1.36 figure.  

Tags: EURUSDGBPUSDUSDCADUSDCHFUSDJPY
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Joseph Deen

Joseph Deen

Joseph is a technical analysis expert. A graduate of NYU, Joseph has a master's degree in mathematics. On FWNews, Joseph provides exchange rates reviews and forecasts.

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