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Pound corrects higher due to dollar weakness

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Home » Greenback under renewed selling pressure to start the week

Greenback under renewed selling pressure to start the week

by Joseph Deen
December 14, 2020 08:02
in Technical analysis
0
Pound corrects higher due to dollar weakness

USDCHF resumed the decline after a short-lived bounce and slipped back to early-2015 lows around 0.8850

EURUSD

EURUSD is back in the green on Monday following a limited retreat witnessed at the end of last week. The pair managed to hold above the 1.2100 figure during the corrective attempts and is now back targeting April-2018 highs registered in the 1.2180 region last week. as of writing, the common currency was changing hands just below 1.2160, up 0.38% on the day. The fact that the pair refrained from a deeper retreat on Friday and held above the 1.2100 figure suggests that the euro is ready for further gains despite the daily RSI is flirting with the 70 figure and is about to reenter the overbought territory for the first time since early-December.

GBPUSD

GBPUSD jumped on Monday in a strong bounce from one-month lows registered around 1.3135 late last week. The pair rallied to the 1.3445 region and remained close to the upper end of the range ahead of the opening bell on Wall Street, signaling its readiness to challenge the 1.3500 figure seen earlier this month. On the downside, the immediate support now arrives around 1.3400, followed by the ascending 20-DMA in the 1.3340 area. In a wider picture, the cable retains a strong bullish tone as long as the prices stay above the ascending 100-DMA that arrives just below the 1.3100 figure. On the four-hour timeframes, the pound has regained the key moving averages earlier in the day, standing ready to at least preserve the current gains.

USDJPY

USDJPY dipped to five-week lows around 103.60 following failed attempts to confirm a recovery above the descending 20-DMA, today at 104.10. The daily RSI is pointing south in the neutral territory, suggesting the dollar could lose ground further in the short term. If so, the next support should be expected at 103.40, followed by the 103.15 area that capped the decline in the first half of November when the pair plunged to the lowest levels since March. In the short-term timeframes, the RSI is yet to enter the oversold territory, suggesting there is more room on the downside.

USDCHF

USDCHF resumed the decline after a short-lived bounce seen last Friday. The pair slipped back to early-2015 lows around 0.8850. This area is the key support in the immediate term, as a break below it would pave the way towards fresh long-term lows. If this level withstands the selling pressure, a recovery could be expected. In this scenario, the initial upside target should be expected at 0.8885, followed by 0.8900 and the 0.8940 region. Even more important resistance is now located just around 0.9000 where the descending 20-DMA arrives. On the hourly charts, however, the short-term technical picture has deteriorated further after the pair slipped below the key moving averages earlier in the day.

AUDUSD

The Aussie climbed to fresh mid-2018 highs in the 0.7570 area on Monday, extending the rally amid broad-based weakness in the greenback. The daily RSI has been holding above the 70 figure since last week and continues to point north, suggesting there may be more room on the upside despite the overbought conditions. Furthermore, the prices are holding well above the ascending 20-DMA for the first time since early-November, adding to the upbeat technical picture surrounding the Australian currency. if the rally continues, AUDUSD could edge higher to the 0.7600 barrier next. On the four-hour timeframes, the short-term technical outlook looks constructive as well.

Tags: AUDUSDEURUSDGBPUSDUSDCHFUSDJPY
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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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