It looks like the cable will stay under pressure at least in the near term as dollar bulls continue to dominate the markets
EURUSD
The USD index keeps climbing north due to its safe-haven demand that pushed the prices to the 99.30 zone for the first time since early March. The greenback also derives support from the Fed’s hawkish signals these days. Against this backdrop, EURUSD remains capped by the descending 20-DMA after an earlier dip to mid-March lows around 1.0944. In the short term, it looks like the pair will stay below the 1.1000 figure, with downside risks persisting as long as the prices hold below the descending 100-DMA, currently at 1.1260. On the four-hour charts, the technical picture looks mixed-to-bearish as the prices are flirting with the key moving averages while the RSI is pointing lower, suggesting the common currency could struggle to regain the 1.1000 figure on a daily closing basis.
GBPUSD
GBPUSD has been edging lower for the fourth day in a row on Monday, accelerating the decline after a break below the 20-DMA, currently at 1.3170. The pair extended losses to nearly one-week lows around 1.3125, thus approaching the 1.3100 support zone, a break below which would pave the way towards the 1.3080 next support. It looks like the cable will stay under pressure at least in the near term as dollar bulls continue to dominate the markets. On the hourly timeframes, the prices have settled below the ley moving averages while the RSI hasn’t entered the oversold territory just yet, suggesting there is room for further losses in the short term. On the upside, the immediate resistance is now expected at the mentioned 20-DMA, followed by the 1.3200 figure. In a wider picture, the pair is now flirting with the 200-week SMA that could turn into resistance if the dollar extends its broader advance in the coming days.
USDJPY
USDJPY exceeded the 125.00 figure for the first time since August 2015 earlier in the day before retreating in recent trading. The subsequent profit-taking tool the prices to 124.30, and it looks like the dollar could correct lower in the short term amid overbought conditions both in the short- and long-term timeframes. Should the prices retreat below the 124.00 figure anytime soon, the 123.70 support zone will come into the market focus. In a wider picture, however, the dollar could add to recent gains and jump to fresh long-term tops as the Japanese yen keeps bleeding across the market while the greenback remains supported by a hawkish Fed. In the immediate term, the pair could try to hold above the 124.00 mark in order to make another bull run at the 125.00 barrier that capped the rally earlier in the day.
BTCUSD
BTCUSD derailed the $47,000 figure for the first time since early 2022 on Monday, extending the ascent for the fourth day in a row. The coin notched fresh multi-week highs around $47,600 before correcting slightly lower in recent trading. Of note, the daily RSI is about to enter the overbought territory, suggesting the bullish momentum could be limited from here. Furthermore, the cryptocurrency is nearing the flat 200-DMA, today at $48,200. It looks like this moving average could cap further gains in the near term. If the most popular cryptocurrency fails to hold above $47,000 anytime soon, the pair could slip back below the $46,000 figure, followed by the $45,300 zone that capped the ascent at the start of March. On the four-hour charts, BTC holds steady so far, but the overbought conditions suggest the upside is limited from here.
