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Home » Dollar looks directionless ahead of FOMC

Dollar looks directionless ahead of FOMC

by Joseph Deen
June 16, 2021 08:47
in Technical analysis
0
Pound corrects higher due to dollar weakness

EURUSD looks directionless around the flat-line, deriving support from the 1.2100 figure

EURUSD

The dollar is trading mixed on Wednesday, clinging to tight trading ranges in anticipation of the outcome of the Federal Reserve meeting due later today. EURUSD looks directionless around the flat-line, deriving support from the 1.2100 figure, a break below which would pave the way to 1.2090, followed by the 100-DMA that arrives at 1.2040. However, downside risks look limited at this stage, with the greenback remaining generally weak. On the hourly charts, the common currency is now back under the 20-SMA while the RSI is pointing south, suggesting the pair could see some losses in the near term before reversing north.

GBPUSD

GBPUSD reversed yesterday’s losses, targeting the 20-DMA again. This moving average has been acting as resistance this week, with the upside potential remaining weak as long as the cable stays below this barrier that arrives at 1.4150 today. The pair was last seen trading marginally above the 1.4100 figure, off Tuesday’s highs seen around 1.4130. On the downside, if the pound fails to stay beyond 1.4100, the pair could slip back to the 1.4060 area, followed by the 1.4035 region. On the four-hour timeframes, the cable managed to bounce marginally from the 20-SMA in recent trading, suggesting the prices could at least stay afloat in the immediate term.

USDJPY

USDJPY peaked around 110.15 yesterday but failed to preserve gains and slipped back to the flat-line eventually. On Wednesday, the pair turned marginally lower on the day while staying just below 110.00. Despite rejection from the mentioned highs, the overall technical picture remains fairly upbeat, at least as long as the prices are holding above the 20-DMA that has been acting as support since late-May. Should the dollar regain bullish bias in the short term, a decisive break above 110.00 would pave the way towards early-April highs seen earlier this month around 110.30.

NZDUSD

The Kiwi dipped to two-month lows just above the 0.7100 figure on Tuesday before trimming some losses. Today, the pair regained upside momentum to erase yesterday’s losses. Still, the prices lack the impetus to overcome the 0.7150 intermediate resistance, a break above which would pave the way towards the 100-DMA that arrives at 0.7177 today. On the downside, the key near-term support is represented by the 0.7100 figure that will likely cap fresh losses and trigger a more decisive reversal eventually. In a wider picture, the pair needs to overcome the 20-week moving average around 0.7170 so that to see a more sustained technical outlook.

USDCHF

USDCHF regained bullish bias following yesterday’s decline. The pair continues to oscillate in a tight trading range, flirting with the 20-DMA that arrives at 0.8977 today. The prices bounced from intraday lows around 0.8970 earlier in the day to advance to 0.8990, still struggling to regain the 0.9000 handle that triggered a downside correction on Tuesday. Despite the dollar bounced from recent lows in the 0.8925 zone, downside risks continue to persist as long as the prices stay below the 200-DMA (today at 0.9070) last seen one month ago. In a wider picture, the pair stays bearish as well, however, the downside momentum has slowed in recent weeks.

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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