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Home » Currencies stuck in rangebound conditions ahead of FOMC

Currencies stuck in rangebound conditions ahead of FOMC

by Joseph Deen
March 17, 2021 07:22
in Technical analysis
0
Pound corrects higher due to dollar weakness

The Federal Reserve meeting outcome will set a fresh tone for USD pairs

EURUSD

EURUSD tried to preserve a neutral stance earlier in the day, to turn slightly positive in recent trading as the common currency proceeded to modest recovery attempts following three days of losses. In general, trading ranges in USD pairs have been tight ahead of the outcome of the Federal Reserve meeting that concludes later today. The euro regained the 1.1900 handle as a result of a bounce but is yet to confirm the local rebound on a daily closing basis, with downside risks persisting despite the latest jump. On the hourly timeframes, the prices regained the 20-SMA and were last seen flirting with the 200-SMA, a decisive break above which would somehow improve the short-term technical picture.

GBPUSD

The cable continues to oscillate just below the 20-DMA that has been acting as the immediate resistance since the beginning of the week. If the pair manages to overcome this simple moving average that arrives in the 1.3950 area, the market focus would shift back to the 1.4000 handle that will act as the next hurdle for sterling bulls. However, should dollar demand pick up in the wake of the Fed’s decision, GBPUSD could threaten the 1.3800 figure that acted as support on Tuesday. In the shorter term timeframes, dynamics in the pair looks neutral, suggesting the cable could stay directionless in the coming hours.

USDJPY

USDJPY regained a mild bullish bias following modest losses seen yesterday. The pair is back above the 109.00 figure but is yet to confirm the latest breakout on a daily closing basis. If so, the greenback would retarget the 109.35 area that triggered a local bearish correction at the beginning of the week. at the time of writing, the pair was changing hands just above 109.00, off Tuesday lows seen in the 108.76 area. The daily RSI looks directionless in the overbought territory, suggesting USDJPY could extend its consolidation around 109.00 in the immediate term.

USDCHF

USDCHF came off intraday highs around 0.9280 seen earlier in the day. As a result, the pair trimmed intraday gains while staying positive during the European hours as the greenback looks steady nearly across the board ahead of the outcome of the Fed’s meeting. The prices need to hold above the 0.9240 area in the short term in order to stay afloat. Otherwise, the 0.9230 area will come back into market focus, followed by the 0.9300 figure last seen nearly two weeks ago. On the hourly charts, USDCHF is now stuck between the 20- and 100-SMAs while the RSI is pointing south, suggesting the upside potential is limited at the current levels.

EURGBP

The cross dipped to fresh more than one-year lows on Wednesday. Earlier in the day, the pair briefly touched the 0.8540 area, to climb back to the flat-line in recent trading. The pair continues to lose ground while staying below the descending 20-DMA since late-2020. If the mentioned lows fail to withstand the selling pressure any time soon, the 0.8500 figure will come back into market focus. On the upside, the immediate resistance is now expected at 0.8585, followed by the 20-DMA, today at 0.8612. On the four-hour charts, technical indicators paint a mixed short-term picture, with the prices trading below the directionless 20-SMA while the RSI is pointing slightly higher in the neutral territory, suggesting the euro could spend some time in consolidation around the current levels before deciding on the further direction.

Tags: EURGBPEURUSDFOMCGBPUSDUSDCHFUSDJPY
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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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