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Pound corrects higher due to dollar weakness

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March 19, 2021 06:52
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Home » Dollar looks steady despite safe-haven demand eases

Dollar looks steady despite safe-haven demand eases

by Joseph Deen
March 19, 2021 06:52
in Technical analysis
0
Pound corrects higher due to dollar weakness

Bond yields started to retreat from fresh peaks, easing buying pressure surrounding the greenback

EURUSD

EURUSD managed to hold above the 1.1900 handle during the recent sell-off, to bounce to the 1.1940 area that acted as resistance earlier in the day. Despite some correction, the common currency remains on the defensive. Furthermore, the current minor upside move looks like a dead-cat bounce, suggesting further losses could lie ahead following a short-term and modest correction. As such, the 1.1900 support remains in focus, especially as the pair continues to trade below the 20-DMA that arrives at 1.2000 today. A break below the mentioned support on a daily and weekly closing basis would add to the negative technical picture surrounding the European currency.

GBPUSD

As bond yields started to retreat from fresh peaks, easing buying pressure surrounding the greenback, GBPUSD managed to bounce slightly in recent trading. If note, yesterday’s losses in the pair were fairly modest, adding to signs that the cable stays firm and steady despite a strong dollar. The pair continues to oscillate around the 20-DMA, trading flat on the weekly charts. The immediate bullish target still arrives at 1.4000 while on the downside, this week’s lows marginally above 1.3800 remain in market focus. As long as the pound remains stuck in this range, its dynamics is considered to be neutral. In the immediate term, consolidation will likely continue.

USDJPY

USDJPY has been retreating gradually from peaks above 109.00 registered at the beginning of the week. Today, the pair slipped to the 108.60 local support that capped the selling pressure on Thursday. If this level holds in the short term, a bounce could be expected. In this context, the 109.00 barrier remains in market focus. On the hourly charts, the RSI has reversed north in recent trading, suggesting the greenback could trim or even erase intraday losses before the end of the day. Otherwise, the prices could target the 108.30 support zone for the first time in over a week. Of note, the daily RSI is correcting lower from the overbought territory, flirting with the 70 crucial figure. It is possible that the pair will see a bounce from the current levels in the short term, to avoid a deeper retreat.

EURJPY

The cross briefly rallied to October 2018 highs around 130.65 on Thursday before reversing intraday gains. The euro finished below 130.00, extending losses to 129.45 in recent trading. As such, the pair is now nearing the ascending 20-DMA (today at 129.23) that has been acting as support since late-January. So, a break below this moving average would add to the negative pressure surrounding the common currency in the current correction from the mentioned long-term peaks. Of note, EURJPY was last seen flirting with the 100-SMA on the hourly timeframes. If this moving average gives up, the pressure would intensify in the immediate term.

USDCHF

USDCHF keeps trending higher on Friday following decent gains seen yesterday when the pair peaked at 0.9300 before retreating slightly. Despite the persistent bullish bias, the dollar struggles to make a decisive break above this barrier, especially as risk sentiment started to improve in recent trading, denting the safe-haven dollar appeal. The pair was last seen trading at 0.9277, marginally higher on the day. The immediate support is now located at 0.9250, followed by the 0.9200 figure where the ascending 20-DMA arrives. On the four-hour timeframes, USDCHF is holding above the 20-SMA, suggesting downside risks are limited in the short term.

Tags: EURJPYEURUSDGBPUSDUSDCHFUSDJPY
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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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