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

Dollar finishes the week on weak footing

October 22, 2021 13:09
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 » Dollar finishes the week on weak footing

Dollar finishes the week on weak footing

by Joseph Deen
October 22, 2021 13:09
in Technical analysis
0
Pound corrects higher due to dollar weakness

The cable regained a modest bullish bias on Friday but still lacks bullish momentum to stage a more robust ascent

EURUSD

The dollar is back on the defensive following a short-lived upside correction witnessed on Thursday. The EURUSD pair still remains below the 1.1670 intermediate resistance, however, lacking upside impetus despite a broad-based retreat in the greenback. As of writing, the common currency was changing hands around 1.1635, up just 0.12% on the day. On the four-hour charts, the pair struggles around the 20-SMA while the RSI is pointing slightly lower in the neutral territory, suggesting the upside potential could be limited on the short-term horizon. Later today, PMI data out of the United States could affect short-term dynamics in the pair. If the figures exceed expectations, dollar demand could reemerge and thus take the pair back into the negative territory on a daily basis. In this scenario, the euro may dip under the ascending 200-week SMA, today at 1.1617.

GBPUSD

The cable regained a modest bullish bias on Friday but still lacks bullish momentum to stage a more robust ascent. The pair’s upside potential has been capped by the 200-DMA this week and it looks like the pound would need an extra catalyst to challenge this barrier in the coming days despite the safe-haven demand for the greenback has abated. On the downside, the immediate support arrives in the 1.3770-1.3775 region. As of writing, the pair was flirting with the 100-DMA while also challenging the 1.3800 figure. GBPUSD needs to make a decisive break above this level in order to stage a more pronounced bounce and regain the mentioned 200-DMA, today around 1.3850. On the hourly charts, the prices are retreating from intraday highs seen around 1.3815 while the RSI reversed lower, which implies that the upside potential is limited at this stage.

BTCUSD

Bitcoin price registered fresh all-time highs around $67,000 earlier in the week. However, the cryptocurrency failed to extend the rally and switched into a corrective mode that took the prices below the $62,000 figure. The digital currency suffered its biggest price pullback in almost a month. On Friday, the coin is trying to stage a bounce, flirting with the $63,500 level following a local sell-off seen yesterday. It looks like the BTCUSD pair could resume the ascent following a short-lived retreat, with the overall trend remaining bullish. Should the downside correction deepen anytime soon, the market focus would shift back to the ascending 20-DMA, today around $57,500. On the positive side, the corrective impetus looks limited as long-term holders do not appear to be selling BTC just yet. The next psychological resistance level arrives at the $70,000 mark. If the prices manage to exceed the mentioned all-time highs in the coming days, this psychological level would become the next target for bulls.

USDCHF

USDCHF has been losing ground for the eights day in a row on Friday. The pair failed to overcome the 20-DMA at the beginning of the week, struggling to regain the upside bias these days. Today, the dollar extended losses to mid-September lows around 0.9165. In the process, the prices dipped below a slightly ascending 100-DMA, adding to a downbeat technical picture. A daily and weekly close below this moving average would imply that further losses could lie ahead, especially as the daily RSI is yet to enter the oversold territory. However, should this SMA trigger a bounce in the short term, the immediate upside barrier could be expected at 0.9185, followed by the 0.9200 figure. On the hourly timeframes, the RSI is pointing south while the prices have settled below the key moving averages, suggesting the greenback could struggle to stage a solid recovery in the immediate term.

Tags: BTCUSDEURUSDGBPUSDUSDCHF
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
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
Risk demand reemerges cautiously, but caution remains in place
Fundamental analysis

Risk demand reemerges cautiously, but caution remains in place

December 21, 2022 08:49
14

Leave Your Opinion Cancel reply

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

Recommended

Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households

May 14, 2020 02:11
12
Pound corrects higher due to dollar weakness

Dollar trims losses but still weak

December 2, 2020 08:26
15
Pound corrects higher due to dollar weakness

Dollar bears unstoppable, euro at fresh long-term tops

December 3, 2020 08:20
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