• Latest
  • Trending
  • All
Tech analysis

Selling pressure surrounding the dollar eased but the currency remains on the defensive

July 31, 2020 09:46
Equities struggle amid economic and China-related concerns

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
Dollar lacks upside momentum due to lower Treasury yields

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
Stocks gain, dollar eases ahead of job market data

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
Dollar lacks upside momentum due to lower Treasury yields

Dollar tries to shrug off the pressure

December 26, 2022 05:13
Investors spooked by strong US data

Investors spooked by strong US data

December 23, 2022 11:55
Dollar lacks upside momentum due to lower Treasury yields

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
Risk demand reemerges cautiously, but caution remains in place

Risk demand reemerges cautiously, but caution remains in place

December 21, 2022 08:49
Dollar lacks upside momentum due to lower Treasury yields

US dollar resists selling pressure

December 20, 2022 10:44
Market sentiment dented by recession fears

Market sentiment dented by recession fears

December 19, 2022 02:53
Dollar lacks upside momentum due to lower Treasury yields

Greenback stays on the defensive nearly across the board

November 16, 2022 05:34
Investor sentiment improves, but gains limited

Investor sentiment improves, but gains limited

November 15, 2022 05:46
Dollar lacks upside momentum due to lower Treasury yields

Dollar licks wounds after plunge

November 14, 2022 05:05
  • Terms & Сonditions
  • Contact
Wednesday, March 22, 2023
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
No Result
View All Result

Home » Selling pressure surrounding the dollar eased but the currency remains on the defensive

Selling pressure surrounding the dollar eased but the currency remains on the defensive

GBPUSD extends the rally, having climbed to fresh March highs around 1.3144

by Joseph Deen
July 31, 2020 09:46
in Technical analysis
0
Tech analysis

EURUSD
EURUSD challenged the 1.19 barrier earlier in the day but failed to confirm another breakout and retreated to the negative territory. Despite the correction and strong overbought signals, the common currency retains a broader bullish tone, with the upside trend remaining intact, at least at this stage. At the same time, the pair may need a deeper pullback to attract fresh buyers that would make another bullish attempt at 1.19. On the downside, the immediate support arrives at 1.1830. A break below this level will open the way towards 1.18.  


GBPUSD
GBPUSD extends the rally, having climbed to fresh March highs on Friday. The pound confirmed a break above the 1.31 figure that has turned into support as a result and rose to 1.3144. At the time of writing, the pair was changing hands close to the top of the extended bullish range despite the daily RSI is strongly overbought. It looks like GBPUSD will continue the ascent in the short term and could target the 1.32 barrier next, where a local reversal may take place that will attract more profit-taking. On the hourly charts, there are some signs of a weakening upside momentum, however, suggesting a top could be made soon. 


USDJPY
USDJPY extended losses to the 104.20 region earlier in the day as the dollar came under renewed selling pressure across the board. However, the pressure has eased somehow since then, and the pair bounced as a result. USDJPY has settled above the opening levels, and it looks like the bulls are ready to take the prices above 105.00. Still, even a daily close above this handle won’t change the bearish technical picture much. On the four-hour timeframes, the pair has climbed to the 20-SMA which is the key for dollar buyers in the immediate term.

 
USDCHF 
USDCHF briefly dipped to fresh five-year lows around 0.9055 earlier in the day where the dollar found support and bounced. Now, the pair has settled around the 0.91 handle, a break above which is key for a recovery in the short term. As long as the prices stay below this level, the immediate downside risks persist. On the four-hour timeframes, the RSI has reversed north in recent trading, which implies a potential retest of the mentioned psychological level. However, on the daily charts, the greenback is well below the descending 50-SMA, which is a bearish sign. 


USDCAD 
USDCAD is trying to extend yesterday’s rally but the momentum looks too limited as the pair is changing hands marginally above the opening levels on Friday. The prices encountered resistance around 1.3460 on Thursday and were rejected from this region, struggling to stage a more decisive recovery from the recent slump. Furthermore, the dollar has settled below the 200-DMA since last Tuesday. This moving average that now arrives at 1.3520 acts as the key hurdle for bulls. On the downside, the key immediate support comes in the 1.3330 region. So far, this level caps downside attempts in the pair. 

Tags: EURUSDGBPUSDUSDCADUSDCHFUSDJPY
Share2Tweet1
ADVERTISEMENT
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.

Related Posts

Equities struggle amid economic and China-related concerns
Fundamental analysis

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
12
Stocks gain, dollar eases ahead of job market data
Fundamental analysis

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar tries to shrug off the pressure

December 26, 2022 05:13
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

US dollar resists selling pressure

December 20, 2022 10:44
14

Leave Your Opinion Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Dollar lacks upside momentum due to lower Treasury yields

Risk-averse environment keeps USD in demand

September 19, 2022 11:22
17
Tech analysis

Trade of the Day: GBP/JPY

February 10, 2020 10:30
26
Dollar lacks upside momentum due to lower Treasury yields

USD back under pressure as market sentiment improves

May 26, 2022 06:57
17

Ads

Shneider Electric

Most Popular

A slow start to the week in FX markets
Technical analysis

Dollar regains ground to start the week

January 25, 2021 07:25
118
A slow start to the week in FX markets
Technical analysis

Greenback advances modestly amid strong data

May 28, 2021 07:38
110
Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war
News

Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war

July 28, 2020 08:29
95
FWNews

Copyright © 2022 FWNews

  • Terms & Сonditions
  • Contact
No Result
View All Result
  • FUNDAMENTALS
  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage

Copyright © 2022 FWNews