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Home » Greenback begins the year on the back foot

Greenback begins the year on the back foot

by Joseph Deen
January 4, 2021 02:56
in Technical analysis
0
Pound corrects higher due to dollar weakness

USDCHF resumed the decline after a short-lived pause, having extended losses to fresh six-year lows on Monday

EURUSD

EURUSD regained upside ground after a short-lived retreat witnessed on December 31. The pair is now back around the 1.2300 handle while refraining from registering fresh long-term highs seen at 1.2309 last week. the prices continue to hold above the ascending 20-DMA while the daily RSI hasn’t entered the overbought territory just yet, suggesting there is room for further upside in the short term as the greenback remains on the defensive at the start of the year. On the four-hour timeframes, the common currency has recovered above the 20-SMA and looks poised for a bullish extension that could take the prices above 1.2300. If this barrier turns into support, the April-2018 peaks around 1.2400 will come into market focus.

GBPUSD

GBPUSD climbed to fresh May-2018 highs around 1.3700 on Monday before retreating slightly amid some profit-taking. The pair continues to hold firmly above the ascending 20-DMA, today at 1.3460. it looks like the cable could stay elevated and extend the rally in the days to come as the dollar retains a bearish tone across the board, with upbeat risk sentiment persisting in the global financial markets. In this scenario, the pound will target the 1.3770 area that may trigger a pullback amid the overbought conditions. However, a wider and longer-term uptrend will remain intact. On the downside, immediate support should be expected at 1.3640.

USDJPY

USDJPY failed to hold above the 103.00 handle and dipped to fresh March lows around 102.70 as a result. The pair could extend the decline in the near- and longer-term as the daily RSI hasn’t entered the oversold territory just yet while the mentioned 103.00 figure is acting as resistance now, adding to the downbeat technical picture. Should the decline continue, the dollar could threaten the 101.00 figure for the first time since 2016. In case of a recovery, the pair would need to firmly regain the descending 20-DMA (today at 103.63) in order to trim losses further.

XAUUSD

XAUUSD continues its rally for the fourth day in a row on Monday. The precious metal opened with a bullish gap, having extended the recovery above the 100-DMA that had acted as resistance for nearly two months. As such, the prices have climbed to $1,936 for the first time since November 09 and retained a bullish tone ahead of the opening bell on Wall Street as the bullion derives support from a weaker dollar like other counterparts. If the ascent continues in the short term, the yellow metal could challenge the $1,950 next resistance zone before targeting the $1,965 area, a break above which would pave the way to September highs. 

USDCHF

USDCHF resumed the decline after a short-lived pause, having extended losses to fresh six-year lows on Monday. The pair plunged below 0.8800, to 0.8787 and stayed on the defensive during the European hours. Despite the persisting selling pressure, the daily RSI hasn’t entered the oversold conditions yet, suggesting the pair could suffer further losses at least in the short term. The prices have been staying below the descending 20-DMA since mid-November, adding to the downbeat technical picture. If the downside pressure persists in the short-term, USDCHF could target the 0.8760 area next, followed by the 0.8700 handle. On the upside, the immediate resistance is now represented by the 0.8800 figure.

Tags: EURUSDGBPUSDUSDCHFUSDJPYXAUUSD
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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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