• Latest
  • Trending
  • All
Pound corrects higher due to dollar weakness

Downside momentum in the dollar persists ahead of Christmas

December 24, 2020 06:42
Investors stay depressed after heavy losses

Investors stay depressed after heavy losses

September 25, 2023 07:00
Equity markets mostly depressed

Equity markets mostly depressed

September 22, 2023 07:00
Dollar lacks upside momentum due to lower Treasury yields

Dollar receives fresh impetus from Fed

September 21, 2023 07:01
Dollar lacks upside momentum due to lower Treasury yields

Greenback paralyzed in anticipation of Fed decision

September 20, 2023 07:00
Stock markets directionless as Fed meeting looms

Stock markets directionless as Fed meeting looms

September 19, 2023 07:03
Dollar lacks upside momentum due to lower Treasury yields

Dollar under some pressure after the weekend

September 18, 2023 07:00
Economic data and ECB boost stock market rally

Economic data and ECB boost stock market rally

September 15, 2023 07:57
Dollar lacks upside momentum due to lower Treasury yields

USD hesitates below the 105.00 barrier

September 14, 2023 07:00
Dollar lacks upside momentum due to lower Treasury yields

USD steady and resilient in anticipation of US CPI

September 13, 2023 07:15
Stock markets struggle for direction ahead of major events

Stock markets struggle for direction ahead of major events

September 12, 2023 07:19
Dollar lacks upside momentum due to lower Treasury yields

Dollar rally pauses to start the week

September 11, 2023 06:46
Risk sentiment improves somewhat after a streak of losses

Risk sentiment improves somewhat after a streak of losses

September 8, 2023 07:08
  • Terms & Сonditions
  • Contact
Monday, September 25, 2023
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Investors stay depressed after heavy losses

    Investors stay depressed after heavy losses

    Equity markets mostly depressed

    Equity markets mostly depressed

    Stock markets directionless as Fed meeting looms

    Stock markets directionless as Fed meeting looms

    Economic data and ECB boost stock market rally

    Economic data and ECB boost stock market rally

    Stock markets struggle for direction ahead of major events

    Stock markets struggle for direction ahead of major events

    Risk sentiment improves somewhat after a streak of losses

    Risk sentiment improves somewhat after a streak of losses

    Dollar buoyed by risk aversion

    Dollar buoyed by risk aversion

    Equity markets indecisive ahead of the weekend

    Equity markets indecisive ahead of the weekend

    Stocks advance amid signs of a cooling US economy

    Stocks advance amid signs of a cooling US economy

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Investors stay depressed after heavy losses

    Investors stay depressed after heavy losses

    Equity markets mostly depressed

    Equity markets mostly depressed

    Stock markets directionless as Fed meeting looms

    Stock markets directionless as Fed meeting looms

    Economic data and ECB boost stock market rally

    Economic data and ECB boost stock market rally

    Stock markets struggle for direction ahead of major events

    Stock markets struggle for direction ahead of major events

    Risk sentiment improves somewhat after a streak of losses

    Risk sentiment improves somewhat after a streak of losses

    Dollar buoyed by risk aversion

    Dollar buoyed by risk aversion

    Equity markets indecisive ahead of the weekend

    Equity markets indecisive ahead of the weekend

    Stocks advance amid signs of a cooling US economy

    Stocks advance amid signs of a cooling US economy

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

Home » Downside momentum in the dollar persists ahead of Christmas

Downside momentum in the dollar persists ahead of Christmas

by Joseph Deen
December 24, 2020 06:42
in Technical analysis
0
Pound corrects higher due to dollar weakness

If the euro fails to overcome the 1.2220 resistance, the pair will finish the week in the red

EURUSD

EURUSD failed to challenge the 1.2220 local resistance earlier in the day and retreated below 1.2200 as a result. Despite the rejection, the common currency retains a mild bullish bias in the intraday timeframes as the greenback stays on the defensive nearly across the board. If the euro fails to overcome the mentioned resistance, the pair will finish the week in the red. Considering the daily RSI is neutral, it looks like the pair may stay around 1.2200 in the short term. On the upside, a break above 1.2220 would pave the way toward 1.2250, followed by long-term highs around 1.2280 seen last week.

GBPUSD

GBPUSD extends the rally for the second day in a row on Thursday, as traders continue to bet on Brexit deal that could push the cable to the 1.40 handle. So far, the pair awaits the final decision at the 1.3600 handle during the European hours. The daily RSI is pointing north while staying in the neutral territory, suggesting there is still room on the upside. Furthermore, the prices are holding firmly above the 20-DMA after the recent hesitation. In case of disappointment and failure to strike a trade deal, the pound could plunge aggressively as the current expectations are upbeat. In this case, GBPUSD would retreat below the 100-DMA, today at 1.3130 and could even threaten the 1.3000 figure.

USDJPY

USDJPY extends its gradual and uneven recovery from March lows registered last week below 103.00. On Thursday, the pair climbed to the 107.30 resistance that stands on the way toward the descending 20-DMA, today at 103.85. If the dollar manages to overcome these two barriers and climb to 104.00, downside risks would ease in the short term. Otherwise, the pair will likely resume the decline and could get back below the 103.50 area. So far, despite a mild bullish bias in the daily RSI, it looks like the path of least resistance is to the downside even as the pair sees a bullish bias above 103.50 during the European hours.

USDCHF

USDCHF remains capped by the 0.8900 handle where the descending 20-DMA arrives today. The pair was rejected from this level yesterday and the 0.8850 intermediate support remaining in market focus as the greenback struggles to see a more robust upside momentum following the recent plunge to early-2015 lows in the 0.8820 region. The daily RSI looks directionless in the neutral territory, suggesting the pair will likely continue to cling to the 0.8880 region before deciding on a further direction. On the hourly charts, the prices are barely holding above the 20-SMA, a break below which would mark deterioration in the short-term technical picture.

USDCAD

USDCAD continues to threaten the descending 20-DMA on Thursday after a strong rejection from local highs in the 1.2955 area at the start of the week. The pair struggles to regain a sustained upside momentum since then but refrains from a more aggressive downside correction as well. As of writing, USDCAD was changing hands around 1.2830, down 0.11% on the day. The mentioned moving average is in market focus now as a break below it could trigger a steeper decline. In this scenario, the initial bearish target should be expected at 1.2800, followed by 1.2780. On the four-hour charts, the pair is now stuck between the 20- and 100-SMAs while the RSI is unbiased in the neutral territory, suggesting the dollar could spend some time in consolidation before deciding on a further direction.

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

Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar receives fresh impetus from Fed

September 21, 2023 07:01
13
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Greenback paralyzed in anticipation of Fed decision

September 20, 2023 07:00
14
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar under some pressure after the weekend

September 18, 2023 07:00
13
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

USD hesitates below the 105.00 barrier

September 14, 2023 07:00
17
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

USD steady and resilient in anticipation of US CPI

September 13, 2023 07:15
13
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar rally pauses to start the week

September 11, 2023 06:46
14

Leave Your Opinion Cancel reply

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

Recommended

Pound corrects higher due to dollar weakness

Dollar mixed amid uncertain behavior in the markets

January 26, 2021 07:10
15

Bank of Canada announces finalists for the fifth annual Governor’s Challenge

November 28, 2019 17:22
10
Dollar lacks upside momentum due to lower Treasury yields

Dollar stays resilient to start the week

February 28, 2022 11:35
11

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
124
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