• Latest
  • Trending
  • All
Pound corrects higher due to dollar weakness

Greenback came under pressure despite risk-off tone in the markets

July 8, 2021 07:49
Equities struggle amid economic and China-related concerns

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
Dollar lacks upside momentum due to lower Treasury yields

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
Stocks gain, dollar eases ahead of job market data

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
Dollar lacks upside momentum due to lower Treasury yields

Dollar tries to shrug off the pressure

December 26, 2022 05:13
Investors spooked by strong US data

Investors spooked by strong US data

December 23, 2022 11:55
Dollar lacks upside momentum due to lower Treasury yields

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
Risk demand reemerges cautiously, but caution remains in place

Risk demand reemerges cautiously, but caution remains in place

December 21, 2022 08:49
Dollar lacks upside momentum due to lower Treasury yields

US dollar resists selling pressure

December 20, 2022 10:44
Market sentiment dented by recession fears

Market sentiment dented by recession fears

December 19, 2022 02:53
Dollar lacks upside momentum due to lower Treasury yields

Greenback stays on the defensive nearly across the board

November 16, 2022 05:34
Investor sentiment improves, but gains limited

Investor sentiment improves, but gains limited

November 15, 2022 05:46
Dollar lacks upside momentum due to lower Treasury yields

Dollar licks wounds after plunge

November 14, 2022 05:05
  • Terms & Сonditions
  • Contact
Saturday, April 1, 2023
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
No Result
View All Result

Home » Greenback came under pressure despite risk-off tone in the markets

Greenback came under pressure despite risk-off tone in the markets

by Joseph Deen
July 8, 2021 07:49
in Technical analysis
0
Pound corrects higher due to dollar weakness

USDJPY has been under heavy selling pressure since peaking at 111.65 late last week

EURUSD

The euro managed to recover above the 1.1800 figure to erase yesterday’s losses as dollar demand has eased despite the persisting risk aversion across the financial markets. The EURUSD pair has settled marginally above 1.1820. However, the pair could see another retreat below 1.1800. A daily close under this figure would mark further deterioration in the short-term technical picture. so far, further gains in the pair are being capped by the 1.1835-1.1840 area, a decisive break above which would pave the way towards 1.1880, followed by 1.1900. On the four-hour charts, the technical picture has improved somewhat in recent trading, with the euro flirting with the descending 20-SMA.

GBPUSD

The cable extends its correction from the 1.3900 figure that triggered a retreat earlier this week. Today, the pair slipped to the 1.3750 area despite the prevailing dollar weakness, suggesting the pound could stay vulnerable in the coming days. The daily RSI is pointing slightly south, treading water around the oversold levels but is yet to get back under the 30 handle, which implies that GBPUSD will at least struggle to see a solid recovery in the near term and could stage a reversal at lower levels. On the downside, the 1.3730 area in focus now, as a break below it would send the prices to mid-April lows in the 1.3715 region.

USDJPY

Risk aversion sent the USDJPY pair to June 21st lows around 109.75 after a break below 110.00. The dollar has been under heavy selling pressure since peaking at 111.65 late last week. If the mentioned lows fail to withstand the pressure, the pair could target the 109.30 area, followed by the ascending 100-DMA that arrives just above the 109.00 figure. During the plunge, the greenback dipped back below the ascending 20-DMA, and it looks like the path of least resistance remains to the downside for the time being. Should the prices proceed to recovery, the immediate resistance is now represented by the 110.00 figure. In the weekly charts, however, downside risks are limited as long as the pair stays above the 20-week SMA, today at 109.30.

XAUUSD

Gold prices have been rallying for the seventh day in a row on Thursday. The precious metal climbed to mid-June highs around $1,815 and could now target the 200-DMA that arrives at $1,828. However, the bullion will likely need an extra catalyst to overcome this hurdle as the bulls could make a pause after a solid series of growth. In case of a retreat, the XAUUSD pair would get back under the $1,800 figure where the descending 20-DMA lies. On the hourly charts, however, there are no clear overbought signals, suggesting there is room for further upside in the immediate term.

USDCHF

USDCHF plunged dramatically on Thursday amid stronger demand for the Swiss franc as a safe-haven currency. As a result, the pair dipped to the ascending 20-DMA for the first time since mid-June and was last seen clinging to the lower end of the extended trading range around 0.9170. If the mentioned moving average fails to withstand the pressure, USDCHF could challenge the 100-DMA that arrives at 0.9150. However, the pair will likely manage to hold above this support zone as the pressure surrounding the greenback could ease in the short term. In this scenario, a correction towards the 0.9200 initial upside target should be expected.

Tags: EURUSDGBPUSDGoldUSDCHFUSDJPYXAUUSD
Share3Tweet2
ADVERTISEMENT
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.

Related Posts

Equities struggle amid economic and China-related concerns
Fundamental analysis

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
12
Stocks gain, dollar eases ahead of job market data
Fundamental analysis

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar tries to shrug off the pressure

December 26, 2022 05:13
12
Investors spooked by strong US data
Fundamental analysis

Investors spooked by strong US data

December 23, 2022 11:55
11
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
16

Leave Your Opinion Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Stocks rally, dollar eases further ahead of the Fed meeting

Stocks rally, dollar eases further ahead of the Fed meeting

December 9, 2020 04:10
18

Federal Reserve Board announces approval of application by Allfunds Bank S.A.U.

October 21, 2020 20:27
10
Global stocks begin the year higher

Global stocks begin the year higher

January 4, 2021 02:52
15

Ads

Shneider Electric

Most Popular

A slow start to the week in FX markets
Technical analysis

Dollar regains ground to start the week

January 25, 2021 07:25
118
A slow start to the week in FX markets
Technical analysis

Greenback advances modestly amid strong data

May 28, 2021 07:38
110
Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war
News

Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war

July 28, 2020 08:29
95
FWNews

Copyright © 2022 FWNews

  • Terms & Сonditions
  • Contact
No Result
View All Result
  • FUNDAMENTALS
  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage

Copyright © 2022 FWNews