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Home » Dollar retreats but the bearish pressure limited

Dollar retreats but the bearish pressure limited

The single currency remains near three-year lows and is yet to confirm a reversal

by Joseph Deen
March 20, 2020 09:47
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD
The common currency turned positive on Friday after three bearish days in a row. Still, the pair lacked the momentum to break above the 1.08 handle. As a result, the prices were rejected from the 1.0830 region and got back to 1.07. Moreover, the possibility of another negative day remains high, as the euro is changing hands just above the opening levels. On the other hand, the daily RSI looks neutral and doesn’t point to strong downside risks for the time being. In the weekly timeframes, the single currency remains near three-year lows and is yet to confirm a reversal.  

GBPUSD
GBPUSD switched into a recovery mode, having attracted demand at fresh long-term lows around 1.14. this psychological level acted as strong support that could become a bottom should the prices manage to extend the local rally. So far, the recovery is being capped by the 1.1880 area. As such, the cable needs to make a decisive break above 1.20 so that to confirm the recent bullish breakout. In the four-hour timeframes, the picture continues to look bearish as long as the prices stay below the 50-SMA around 1.2260. In the near term, GBPUSD needs to hold above 1.16 in order not to suffer deeper losses again. 

USDJPY
At the start of the day, the pair climbed to nearly one-month highs around 111.35 but failed to hold gains and retreated. But the bullish momentum was short-lived, and the pair quickly bounced from a daily low of 109.30, regaining the 110.00 handle. Despite the recent profit-taking, the dollar remains bullish and may resume the rally in the short term. besides, the pair stays above the key moving averages that act as support levels in the 109.30-107.55 range. As long as the greenback trades above this area, the downside pressure is limited. 

USDCHF
USDCHF refreshed a three-month high at 0.9886 earlier in the day but traders were spooked by the 0.99 figure, and the pair saw a local reverse that took the prices to 0.9740. The 50-SMA in the hourly charts acted as local support, from where the dollar has initiated a bounce and regained the 0.98 level. However, the pair remained bearish in the daily charts, now supported by the 200-DMA. On the weekly timeframes, USDCHF is strongly bullish due to a rally witnessed since last week, when the prices jumped from five-year lows below 0.92. 

EURGBP
The cross extended its correction from multi-year highs on Friday. After a rejection from the 0.95 handle, the euro has accelerated the decline to 0.9075 and has settled just below 0.91. As a result, the daily RSI has retreated from the overbought territory and pointing south, suggesting the bearish impetus could persist in the near term. In a wider picture, the pair remains bullish as long as it stands above the 200-DMA at 0.8750. in the 4-hour charts, the cross is nearing the 50-SMA that comes around 0.9025. Once below this line, EURGBP will threaten the 0.90 handle. 

Tags: EURGBPEURUSDGBPUSDUSDCHFUSDJPY
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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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