EURUSD has been suffering losses for the fifth day in a row already. On Friday, the pair extended losses to 1.0775 and registered fresh more than one-week lows. The euro stays below the 1.08 handle that is now acting as the immediate resistance. Since the daily RSI is pointing south, and the pair has been forming a symmetrical triangle, the common currency could see further losses, probably down to 1.07, or lower. Once below the mentioned lows, the prices will target 1.0750. In a wider picture, the European currency may threaten the 1.0630 region.
GBPUSD turned negative on Friday after a slight bounce witnessed yesterday. As a result, the selling pressure has sent the pair to this week’s lows around 1.2240. Still, it looks like further pressure could be limited now, and the cable may stay above the 1.22 handle. If so, a subsequent bounce can be expected. The daily RSI shows only a modest bearish bias, suggesting the sterling will likely shift into a recovery mode after a short-lived intraday sell-off. However, in a wider picture, the downside risks remain as long as GBPUSD remains below the 1.2660 handle, where the 50- and 200-DMA converge.
USDJPY has been rising for the second day in a row on Friday, having climbed above the 108.00 handle. the pair extended gains to the 108.70 region and has settled between the 200- and 100-DMAs. As long as the dollar stays in this channel, the tone looks neutral. Once above the 100-SMA around 109.00, the technical picture will improve more substantially. However, the greenback will need the additional impetus to do this at this stage. On the downside, the 108.00 handle now acts as the immediate key support. On the 4-hour timeframes, the picture looks neutral as well.
USDCHF has climbed for a fifth consecutive day and rose to nearly 1.5-week highs just below the 0.98 figure. In other words, the 200-DMA acted as a local resistance and prevented the pair from a stronger rally. The dollar needs to make a clear break above this level so that to confirm the latest upside breakthrough and target fresh highs. Otherwise, the pair could see some profit-taking in the near term. In this case, the initial support is expected around 0.9730, as this figure had acted both as resistance and support in the past.
The Kiwi continues its retreat from Monday, and it looks like the pair has been forming a symmetrical triangle in the daily charts. If so, NZDUSD may extend losses to the 0.5650 area before it finds a bottom. The daily RSI shows a slightly bearish bias and hasn’t entered the oversold territory just yet, suggesting the downside is not yet exhausted. On the 4-hour charts, the pair has declined under the 50- and 100-SMAs, which is a bearish signal in the short term. Now, the prices need to stay above 0.58 so that to avoid deeper losses at the start of next week.