The greenback could receive a boost ahead of the weekend if the upcoming US jobs report surprises on the upside
EURUSD
The euro keeps trading in a tightening trading range these days as market volatility ebbs despite the lingering concerns over a new coronavirus variant. EURUSD remains capped by the descending 20-DMA, currently at 1.1360. As long as the prices stay below this region, downside risks continue to persist in the short term. The common currency was last seen changing hands around 1.1320, unchanged on the day. Should the 1.1300 figure fail to withstand the pressure, the intermediate support around 1.1250 will come back into the market focus. The greenback could receive a boost ahead of the weekend if the upcoming US jobs report surprises on the upside on Friday. On the weekly charts, the euro makes modest recovery attempts after a drop to mid-2020 lows around 1.1185 last week.
GBPUSD
GBPUSD turned slightly bullish on Thursday following three consecutive days of losses. Earlier this week, the pair dipped to fresh 2021 lows just below the 1.3200 figure and was last changing hands around the 1.3300 level, up 0.22% on the day. Despite the upside bias, it looks like the bullish potential would be limited in the short term, with the dollar staying steady amid a recovery in 10-year US Treasury yields. The pound needs to make a decisive break above the descending 20-day SMA in order to shrug off the selling pressure. Of note, the pair has been staying below this SMA, currently at 1.3400, since late October and could limit upside again. In a wider picture, the pound is yet to confirm a rebound above the 100-week SMA that arrives at 1.3290.
USDJPY
Following a five-day losing streak, USDJPY turned positive on Thursday. The pair bounced off October 11 lows around 112.50 and regained the 113.00 figure, but is yet to confirm the latest local breakout on a daily closing basis. Should the greenback get back above the 113.50 intermediate barrier, the market focus would shift towards the 114.00 figure where the 20-DMA could act as resistance and trigger a retreat eventually. In the immediate term, USDJPY needs to hold above 113.00 in order to avoid another dip towards the mentioned multi-week lows. On the four-hour timeframes, the technical picture has improved somehow, and the dollar was last seen flirting with the 20-SMA.
BTCUSD
BTCUSD remains stuck between the 20- and 100-DMAs, struggling for direction around the $57,000 figure today. Earlier in the day, the largest cryptocurrency by market capitalization briefly dipped below $56,000 to trim intraday losses in recent trading. Despite the consolidative mode, the bearish bias prevails these days, suggesting the prices could see deeper losses in the coming days if a slightly descending 20-DMA, currently at $58,500, continues to act as resistance. On the shorter-term timeframes, the RSI is pointing slightly lower, adding to a less upbeat technical outlook. In a wider picture, the digital currency stays afloat as long as the prices hold above the 20-week SMA, today at $51,600.
USDCHF
USDCHF plunged to three-week lows around 0.9155 and has been trending higher since then. Today, the pair extended the recovery to 0.9220 before retreating towards the 0.9200 figure in recent trading. Despite the technical picture has improved after a bounce, the dollar is yet to confirm the rebound above the 100-DMA on a daily closing basis. On the upside, the next target for dollar bulls arrives at 0.9235, where the ascending 20-DMA lies. Now, the pair needs to stage another bounce north in order to regain this moving average and target the 0.9260 region next. The technical picture on the hourly charts suggests that downside risks continue to persist in the short term.
