Forex Trading Library

Intraday Analysis – USD Holds Onto Gains

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USDCHF begins fightback

The US dollar consolidates gains as the market looks ahead to the upcoming CPI data. The pair continues its way up after clearing 0.8400. A series of higher lows still indicate strong buying pressure. A bullish breakout of the recent channel would expose the psychological level of 0.8600. On the downside, 0.8450 is the first support, and 0.8400 round over the 20-day SMA is a key to maintaining the current momentum.

AUDUSD remains committed

The Australian dollar clawed back some losses as false spike saw a bounce at the 0.66 area. The pair seems to have secured a foothold at 0.6680 and a subsequent rise above 0.67 prompted sellers to alleviate the bearish pressure. The Aussie could see a meaningful rebound above 0.68 if it clears the latest hurdle of 0.6745. On the downside, a fall below the aforementioned support would send the pair towards 0.6630.

GBPJPY choppy and undecided

The currency pair as seen strong consolidation in recent sessions, as a sideways channel looks likely to remain. With many rejections at the 184 level, analysts are predicting another downturn to follow the trend. 183 looks for support, but if this is broken, prices could shift back to 179. A break of the upper channel eyes 184.50 and then a push to 185. However, a bearish divergence could come into play with the RSI looking overbought.

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