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Pound corrects higher due to dollar weakness

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Home » Dollar catches a safety bid

Dollar catches a safety bid

by Joseph Deen
January 29, 2021 05:58
in Technical analysis
0
Pound corrects higher due to dollar weakness

The euro is gradually edging lower from fresh long-term highs seen earlier this month around 1.2350

EURUSD

EURUSD is nearly unchanged marginally above the 1.2100 figure that represents the immediate support, followed by 1.2080 and 1.2060. The pair struggles to regain upside bias after modest gains seen yesterday. Furthermore, the upside has been limited by the 20-daily moving average for nearly three weeks already, adding to the bearish picture surrounding the common currency. Still, the pair remains within an uptrend in a wider picture, gradually edging lower from fresh long-term highs seen earlier this month around 1.2350. In the near term, the euro will likely remain on the defensive despite the daily RSI looks directionless in the neutral territory.

GBPUSD

GBPUSD climbed to fresh May 2018 highs earlier this week before retreating slightly. The pair is on the defensive today as the safe-haven dollar demand persists across the board. The cable slipped from the 1.3760 area, down to 1.3630 on Thursday. However, the prices refrain from flirting with this support zone today, deriving support from the 1.3655 area. Furthermore, the prices stay above the 20-DMA, suggesting the correction risks are limited at this stage despite dollar strength. If the pressure intensifies any time soon, the pound could threaten this moving average, a decisive break below which would pave the way toward 1.3600.

USDJPY

The USDJPY pair has rallied above the significant 100-DMA that had been acting as resistance since last June. As such, a daily and weekly close above this moving average that arrives around 104.40 would be a confirmation of the latest breakout following three days of a rally. The pair extended the rally to 104.93, targeting the 105.00 handle. However, the dollar has retreated since then and was last seen trading around 104.80. as the daily RSI is nearing the overbought territory, the 105.00 level could act as resistance and trigger a downside correction. If so, the immediate support should be expected at the mentioned 100-day moving average.

XAUUSD

Gold prices managed to hold above the $1,830 region earlier this week and turned positive on Friday after flat dynamics seen yesterday. The bullion extended gains to $1,854 in recent trading while flirting with the 200-DMA, a daily close above which would somehow improve the short-term technical picture. However, downside risks persist as long as the precious metal stays below the 20-DMA that has been acting as resistance since a plunge witnessed three weeks ago. On the downside, the inability to cling to the current levels could pave the way back to the $1,830 area that acts as the key support at this stage. On the hourly charts, the technical picture looks upbeat, suggesting the metal could at least try to overcome the $1,855 zone by the end of the day.

USDCHF

USDCHF retains a bullish tone following a brief dip below the 20-DMA at the start of the week. This moving average (today at 0.8865) represents the key support for the greenback at this stage. As long as the pair remains above this level, the least path of resistance is to the upside. At the same time, the pair lacks upside momentum to make a decisive break above the 0.8900 figure, with the prices facing local resistance around 8.8920 this week. On the four-hour timeframes, the dollar has settled above the key moving averages but long upper wicks along with the directionless RSI point to limited upside risks in the immediate term. as of writing, USDCHF was changing hands just below the 0.8900 handle.

Tags: EURUSDGBPUSDGoldUSDCHFUSDJPYXAUUSD
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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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