EURUSD
EURUSD struggled for a clear direction earlier in the day. Bullish attempts have waned around the 1.09 handle, and the pair turned negative in the daily charts. Despite a negative bias, the common currency continues to trade within a limited range, with the directionless daily RSI suggesting the consolidation will continue for some time. As such, the key moving averages continue to act as resistance levels, and the euro remains bearish as long as the prices stay below the 200-DMA that now comes at 1.1050. In the four-hour charts, the technical picture looks negative as well. In the short term, EURUSD needs to regain the 1.09 handle in order to avoid deeper losses.
GBPUSD
GBPUSD remains below the 50-DMA that turned into resistance last week. Since then, the pound struggles to regain the upside momentum and is back under the selling pressure after a short-term recovery witnessed on Friday. The pair was rejected from the 1.25 handle earlier in the day and dipped to local lows around 1.2415. Despite the prevailing selling pressure, the downside potential in the pair remains limited as long as it stays above 1.24. Once below this level, cable may probe the 1.2270 area. On the upside, GBPUSD could regain ground after a decisive break above the mentioned moving average around 1.2540.
USDJPY
USDJPY has been trading marginally higher on Monday but still struggles to recover above the 108.00 figure. The pair finished lower last week, and it looks like the selling pressure will persist for the time being, and the dollar will fail to get back above the resistance levels in the form of the key moving averages. The daily RSI remains neutral, suggesting the pair will stay in a consolidation mode for some time before the dollar decides on a clear direction. In the hourly timeframes, USDJPY is stuck between the 200- and 100-SMAs that are acting as a short-term resistance and support levels, respectively.
EURJPY
The cross has been making recovery attempts following three days of losses in a row. The pair climbed back above 117.00 but is yet to confirm a breakout on a daily closing basis. Otherwise, the selling pressure may reemerge and send the euro to the 116.60-116.50 area. So far, the technical picture on the daily timeframes points to the upside, with the daily RSI pointing slightly north. In the four-hour charts, there are also some tentative signs of bullishness but the recovery momentum is too slow and modest to bet on more robust gains, at least in the short term.
USDCHF
USDCHF continues to cling to the 50-DMA since last week. Now, this moving average acts as the immediate support around 0.9665 while the intraday low arrives at 0.9654. As such, there is a risk of a break below the 0.9650 region. If so, the 0.95 handle will come into bears’ focus again. Should the dollar manage to hold at least around the current levels, the prices may retarget the 0.97 level and regain the 200-DMA as a result. In the weekly charts, the pair looks neutral amid some stabilization following wild swings witnessed last month.
