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Pound corrects higher due to dollar weakness

Greenback rallies across the board to start the week

January 11, 2021 07:58
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Home » Greenback rallies across the board to start the week

Greenback rallies across the board to start the week

by Joseph Deen
January 11, 2021 07:58
in Technical analysis
0
Pound corrects higher due to dollar weakness


USDCHF has climbed to the 0.8900 handle, a break above which would pave the way towards the 0.8920 area

EURUSD

EURUSD has been under the selling pressure for the third consecutive session on Monday, having retreated below the important 20-DMA for the first time in two months. As a result, the technical picture on the daily charts has deteriorated further while the common currency itself dipped to nearly three-week lows in the 1.2160 area. A break below this intermediate support would pave the way toward the 1.2130 area, followed by 1.2100. On the upside, the immediate resistance is now represented by the 1.2200 figure while the key nearest barrier arrives at 1.2220, where the mentioned moving average lies.

GBPUSD

GBPUSD continues its gradual retreat from fresh long-term tops registered around 1.3700 a week ago. Today, the cable extended losses to the 1.3480 area for the first time in nearly two weeks. Of note, the pair has derailed the 20-DAM in recent trading, suggesting the pound could slip further in the short term. A daily close below this moving average (today at 1.3505) would signal a potential downside extension. In this scenario, the immediate support should be expected at 1.3430, followed by the 1.3400 figure. On the four-hour charts, the pair is targeting the 200-SMA that arrives marginally below the 1.3450 area.

USDJPY

USDJPY has been rallying for the fourth day in a row on Monday, having climbed to 104.20 for the first time in a month. The pair needs to stage a daily close above the 104.00 handle in order to confirm the latest breakout. On the positive side, the dollar has settled above the important 20-DMA that arrives at 103.50. On the hourly timeframes, the prices stay above the 20-SMA, adding to the upbeat short-term technical picture. On the other hand, the daily RSI is losing its upside momentum, getting flat in the neutral territory, suggesting the rally could stall around the current levels. If so, the immediate support is now expected in the 103.90 region.

NZDUSD

The Kiwi was rejected from the levels above 0.7300 last week and has been retreating since then, in recent trading, the pair derailed the 0.7200 figure, now targeting the important ascending 20-DMA that arrives at 0.7150. This moving average is in market focus now as a break below it would pave the way toward fresh local lows below 0.7100. On the upside, the immediate resistance is now expected at the 0.7230 area. A daily close below the 0.7200 handle would mark further deterioration in the short-term technical picture for the New Zealand dollar.

USDCHF

USDCHF extends the recovery from long-term lows for the fourth day in a row on Monday, having regained the 20-DMA that now represents the immediate support. The pair has climbed to the 0.8900 handle, a break above which would pave the way towards the 0.8920 area that capped gains in the second half of December. As a result, the daily RSI has bounced from the nearly-oversold territory, pointing higher in the neutral territory, which implies there is further room to the upside in the short term. However, the inability to make a decisive break above the mentioned resistance could trigger a pullback. In this scenario, the pair may retreat to the 20-DMA, today at 0.8850.

Tags: EURUSDGBPUSDNZDUSDUSDCHFUSDJPY
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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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