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Pound corrects higher due to dollar weakness

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Home » Greenback rallies nearly across the board

Greenback rallies nearly across the board

by Joseph Deen
September 13, 2021 10:50
in Technical analysis
0
Pound corrects higher due to dollar weakness

A daily close below the 20-DMA would add to a downbeat technical picture surrounding the common currency

EURUSD

The dollar remains on the offensive at the beginning of the week despite safe-haven demand has eased somehow in the financial markets. Against this backdrop, EURUSD dipped below the 1.1800 figure for the first time since early-September. The pair was last seen changing hands around the 20-DMA, today at 1.1785. A daily close below this moving average would add to a downbeat technical picture in the short term. On the four-hour charts, the common currency has settled below the ley moving averages while the RSI is nearing the oversold territory, suggesting there is further room for a decline in the immediate term. The next support arrives at 1.1750. As long as the pair is holding above this figure, downside risks are limited.

GBPUSD

The cable failed to climb to the 1.3900 figure on Friday and erased gains by the close. Today, the pair came under a more severe selling pressure to derail the 1.3800 level earlier in the day before bouncing slightly. Still, the pound has settled below the 200-DMA, suggesting downside risks persist in the near term despite the daily RSI is directionless in the neutral territory. On the four-hour charts, the pair was last seen in the 1.3814 area where the 20- and 200-DMAs converge. If the prices manage to hold above this zone, a bounce could be expected in the near term. However, the technical picture on the weekly timeframes remains bearish as long as GBPUSD stays below the 20-week SMA.

USDJPY

USDJPY extends the ascent on Monday as the greenback retains a bullish tone nearly across the board. The pair is now back above the 110.00 figure but is yet to confirm recovery above this level on a daily closing basis. The prices notched local highs around 110.15 and were last seen clinging to the upper end of the range. Also on the positive side, USDJPY regained the 20- and 100-DMAs earlier in the day while the RSI continues to point north in the neutral territory. On the hourly timeframes, the RSI is pointing higher as well but is yet to enter the overbought territory, suggesting there is some room for further rise at least in the near term. If the bullish scenario continues, the prices could climb back to last week’s highs in the 110.44 area.

USDCHF

USDCHF extends Friday’s bounce from the 20-DMA at the beginning of the week. The pair exceeded the 0.9200 figure during the European hours to settle just at this psychological mark in recent trading. The dollar now needs to preserve gains in the near term in order to challenge last week’s highs around 0.9235. On the downside, the immediate support arrives at 0.9190, followed by 0.9175 and the mentioned 20-DMA, today at 0.9158. The technical picture on the daily charts looks upbeat at this stage, with the RSI pointing north in the neutral territory while the prices are holding above the key moving averages. In a wider picture, the pair looks bullish as well.

Tags: EURUSDGBPUSDUSDCHFUSDJPY
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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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