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Pound corrects higher due to dollar weakness

Dollar finishes the week on weak footing

October 22, 2021 13:09
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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
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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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