Forex Trading Library

Intraday Analysis – USD Pushes the Boundary

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GBPUSD breaks support
GBPUSD breaks support, showing a decline in the pound after NFP data, affecting USD."

The pound fell through the floor as NFP data saw a strong move for the USD. The near-term outlook supports the recovery theme after the pair bounced back towards 1.26. The recent 200 pip drop could look for signs of retracement if a close above 1.2580 can be confirmed. On the hourly chart, a break below 1.2540 would lead to 1.25, which could see some slight support at December’s lows.

USDCHF seeks swing high
USDCHF seeks swing high, rebounding after non-farm data, with resistance around 0.8700

The USD recouped its losses following the non-farm data. On the daily chart, the 20 SMA acted as solid support, and the consolidation area around 0.8700 could see firm resistance should double-top formation appear. The short-term price action led to a bounce as the RSI dipped in the oversold area, prompting profit taking. 0.8730 is the first hurdle ahead, with 0.8820 seeing a limited push. A fall back below 0.8640 would expose the psychological level of 0.8500.

NAS 100 looks for another record
NAS 100 looks for another record, indicating a rally despite concerns over USD stimulus

The Nasdaq 100 rallies as investors keep going risk-on. The rally took a step back on Friday after strong job numbers in the US led to fears that no further stimulus would be injected into the economy. The RSI’s fall could open a bearish divergence, leading to a move back to 17000. 17250 at the base of the latest rally sits on the trend line, making it a critical floor. Otherwise, it’s another record high for the index.

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