EURUSD has been rising for a fifth day on a row. The pair exceeded the 1.09 handle and is challenging the 1.0950 intermediate resistance. Once above, the euro may target the 1.10 figure. Following the latest bullish breakout, the short-term technical picture has improved further. Still, the pair is yet to confirm the breakthrough on a daily closing basis. The daily RSI has recovered from the oversold territory and is pointing firmly to the upside. Meanwhile, the key moving averages suggest the scope for further rebound is limited. On the downside, the immediate support now arrives at 1.09.
The pound suffered decent losses on Wednesday and is trying to regain the upside bias today. The attempts are looking shallow so far, with the pair staying below the 100-DMA, changing hands around 1.29. in the weekly timeframes, GBPUSD remains in the red territory, struggling to break above the 100-SMA while the weekly RSI is pointing slightly downward around 50. In the short term, the cable needs to stage a clear break above 1.29 in order to retarget this week’s highs around the 1.30 psychological level.
The pair is back under the negative pressure following a short-lived recovery on Wednesday. USDJPY failed to challenge the 110.70 local resistance and has been flirting with the 110.00 figure again, where the 20-DMA lies. The initial resistance arrives at 110.50. Once above, the prices may try to retest the 110.70 region in order to regain the 112.00 mark. While the above mentioned moving average point slightly upwards, the daily RSI suggests the downside pressure may persist in the near term.
The Kiwi refreshed mid-October low of 0.6282 on Thursday, where the pair managed to attract demand and quickly recouped yesterday’s losses and turned firmly positive on the daily timeframes. The prices exceeded the 0.63 figure but is yet to confirm the breakout. Amid the local recovery, the daily RSI has been rising from the oversold territory and points north, suggesting the upside momentum in NZDUSD may persist in the immediate term. A daily close above 0.63 will improve the technical picture.
USDCHF resumed the decline after a brief pause yesterday. The pair failed to stay above the 50-DMA and registered fresh three-week lows around 0.9711, threatening the 0.97 handle for the first time since February 5. Once below, the dollar may extend the decline to 0.9670 and then to 0.9650. The daily RSI shows the downside bias, suggesting there is still room for further losses. On the upside, the 50-DMA around 0.9740 comes as the initial resistance. In a wider picture, the bullish potential remains capped by the 200-DMA since early December.