EURUSD remains under pressure after failed attempts to challenge the 1.10 barrier earlier this week. The euro registered fresh one-week lows around 1.0850 on Thursday and struggles to regain ground despite a timid bounce from the lower end of the range. The daily RSI is slightly bearish while on the upside, the initial hurdle comes at 1.09. As long as the common currency stays below this level, risks are skewed to the downside. In case of a reversal after the current consolidation period, the pair may regain the 50-DMA which stands as key resistance for bulls now.
GBPUSD is slightly negative in the daily charts after yesterday’s decent rejection from the 200-DMA. Moreover, during the retreat, the pair has dipped under the 50-DMA and has settled around 1.25 since then. A daily close below this level will act as the evidence of a more bearish technical picture. On the downside, the immediate support arrives at 1.2450. Once below, the prices will target 1.2430. However, the negative bias in the daily RSI suggests the selling pressure may be limited from here, and the cable may shift into a recovery mode if the prices manage to regain the above-mentioned 50-DMA around 1.2560 in the near term.
USDJPY made a bullish attempt earlier in the day but was rejected from the 108.00 handle and trimmed its intraday gains to the 107.55 region. Now, the pair’s tone looks neutral, with the key moving averages continue to act as resistance levels starting from the 200-DMA around 108.30. As long as the dollar stays below 108.00, bearish risks persist despite the recent bounce from April 4 lows below 107.00 witnessed on Wednesday. In the weekly timeframes, the technical signals suggest the bullish potential is limited.
The cross is marginally lower in the daily charts, extending the decline from the 119.00 handle. EURJPY is now challenging the 117.00 figure, and thus market focus remains on the 116.80 intermediate support. Once below, the euro will target the 116.30 region if the selling pressure surrounding the common currency persists. In the four-hour charts, the technical picture looks bearish as well while on the weekly timeframes, the cross is trending towards the lower end of the range. As the RSI is far from the oversold territory, there is still room for further losses ahead.
USDCHF has been rising for the second day in a row, trying to set out a recovery path after a decline from the 0.98 figure, where the 200-DMA spooked the bulls during the first week of April. Around the current levels, the 50-DMA lies, and should the dollar manage to overcome it, the short-term outlook may improve further. In this scenario, the prices will likely regain the 0.97 handle that acts as resistance these days. On the downside, the immediate support arrives at 0.9640, where the intraday lows lie. If this level gives up, the greenback could extend losses to 0.96.