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Home » Dollar licks its wounds after a sell-off

Dollar licks its wounds after a sell-off

by Joseph Deen
February 8, 2021 07:12
in Technical analysis
0
Pound corrects higher due to dollar weakness

The common currency turned slightly negative on the daily charts while staying above the 1.2000 handle

EURUSD

EURUSD rallied on Friday as the greenback came under severe selling pressure across the board following disappointing US employment data. As a result, the euro peaked at 0.2050 while trying to preserve recent gains on Monday. After a climb to 1.2055 earlier in the session, the common currency turned slightly negative on the daily charts while staying above the 1.2000 handle that now represents the immediate support. Despite the pounce, the bullish potential in the pair looks limited at the moment while downside risks persisting, especially as the daily RSI is pointing marginally lower during the European hours.

GBPUSD

GBPUSD extended the recovery from mid-January lows on Friday amid broad-based weakness in the greenback. However, the pair failed to preserve gains and dipped back below the 1.3700 figure that acts as the immediate resistance now. Despite the cable struggles to see more gains, the prices stay close to long-term highs, refraining from a deeper downside correction even as the greenback turned stronger over the last two weeks. As of writing, the pair was changing hands just above the 20-DMA that represents the immediate support. A break below this moving average (today at 1.3670) would add to the bearish bias in the short term.

USDJPY

USDJPY briefly rose to four-month highs around 105.75 on Friday before retreating from fresh peaks amid widespread downside pressure surrounding the US currency. On Monday, however, the pair regained upside bias to regain the key 200-DMA that arrives at 105.58. On the four-hour charts, the pair continues to derive support from the ascending 20-SMA while the RSI is pointing north in the neutral territory and is yet to enter the overbought conditions, suggesting the recovery could continue in the immediate term. If so, USDJPY could probe fresh multi-week highs and target the 106.00 figure as a result.

XAUUSD

XAUUSD rose marginally late last week but failed to regain ground from the previous day’s losses. The precious metal finished above the $1,800 handle and extended gains to $1,818 on Monday. However, the pair lacked the upside momentum to extend the bounce, with the bullion still staying below the key daily moving averages. On the hourly charts, however, there are some positive signs as the metal has settled above the ascending 20-SMA while the RSI is pointing slightly higher, suggesting the prices could at least stay steady in the immediate term. In a wider picture, XAUUSD needs to regain the $1,900 handle in order to shrug off the current weakness.

USDCHF

USDCHF regained upside bias to start the week following Friday’s decline. The pair derived local support from the 0.8980 area earlier in the day before turning positive during the European hours. The dollar was last seen trading at the 0.9000 psychological handle. At this stage, the descending 100-DMA represents the immediate resistance for the pair. As long as USDCHF trades below this moving average that arrives marginally above the current levels, downside risks continue to persist. On the four-hour charts, the greenback was last seen flirting with the 20-DMA while the RSI was pointing slightly lower, suggesting further recovery would be limited in the short term.

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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