Can Dollar Recover This Week?s Losses?

Can Dollar Recover This Week?s Losses?

By: Simon Furman | Where To Trade | On:7-10-2014 23:48
Back

Key Highlights

  • US dollar continued to struggle against the Euro, British pound and Swiss franc this week.
  • Chinese HSBC Services PMI was released by Markit Economics during the Asian session, which came softer than expected and registered a minor decline from 54.1 to 53.5.
  • Japanese Trade Balance figures were released by the Customs Office, which came in just above the previous reading.
  • British pound was seen struggling against the US dollar as it failed to capitalize on the recent gains.

GBPUSD

The British pound recently struggled to break the 1.6100-10 resistance area against the US dollar. Earlier during the Asian session, the GBPUSD pair broke an important bullish trend line on the hourly chart, which might encourage the British pound sellers in the short term. It has also closed below the 100 hourly moving average, which is a bearish sign. Currently, the pair is trading around the 38.2% fib retracement level of the last leg from the 1.5959 low to 1.6128 high. There is a chance that the pair might dive down towards the 61.8% fib level if the 100 MA continues to act as a resistance for the pair. The hourly RSI has also pierced the 50 level, which is not a good sign for buyers.

Intraday Support Level – 1.6044

Intraday Resistance Level – 1.6080

  • Overall, as long as the pair stays below the 100 moving average it might move lower towards 1.6040.
  • Only a break and close above the 1.6100 level would call for more upside moving ahead.

GBPUSD - 10.08.2014

If the GBPUSD pair manages to settle back above the 100 MA, then the broken trend line might come into play. There is a lot of resistance on the way up for the pair, which means the British pound buyers need a reason to take it higher in the short term.

USDCHF

As mentioned earlier that the US dollar lost some ground against the Swiss franc recently. The USDCHF pair traded as low as 0.9553 where it found the 200 moving average on the hourly chart which protected the downside in the pair. The pair has bounced sharply after testing the mentioned fib level. Currently, the pair is trading around a bearish trend line, which is acting as a hurdle for the pair. Moreover, the 100 MA is also sitting just above the highlighted bearish trend line. So, the US dollar buyers might face resistance around the 0.9580-90 area. If they manage to clear it, then it would call for more gains in the short term.

Intraday Support Level – 0.9550

Intraday Resistance Level – 0.9590

  • A break and close above the 100 moving average would be very crucial moving ahead.
  • As long as the pair stays below the mentioned trend line it remains at risk.

USDCHF - 10.08.2014

Today, the FOMC meeting minutes are scheduled for release, which has the potential to cause a lot of swing moves in the US dollar. So, we need to monitor this event closely in order to avoid any kind of bad trade.

 

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

Yen Looks Set For More Losses

Yen Looks Set For More Losses

By: Simon Furman | Where To Trade | On:01-05-2015 11:16

Japanese yen tumbled against most currencies including the Euro and the US dollar, and it looks like it might continue to head lower in the near term.

AUDUSD Remains Buy On Dips

AUDUSD Remains Buy On Dips

By: Ben Myers | Where To Trade | On:30-04-2015 11:13

Aussie dollar was one of the best performing currencies as it traded higher against most major currencies, and looks set for more gains in the short term.

USDCHF At Risk Of A Major Break

USDCHF At Risk Of A Major Break

By: Darryl Frankfort | Where To Trade | On:29-04-2015 11:09

US dollar dived sharply against the Swiss franc and other major currencies, as sellers managed to gain strength exposing a major break in the USDCHF pair in the near term.

US Dollar Poised For Further Rise Versus Yen

US Dollar Poised For Further Rise Versus Yen

By: James Ansher | Where To Trade | On:28-04-2015 10:58

Japanese yen once again failed to hold the ground and lost all the gains against currencies like the US Dollar and the Euro, which exposes it for more declines in the near future.

NZDUSD Gains Favored As It Holds Key Lows

NZDUSD Gains Favored As It Holds Key Lows

By: Oliver Miller | Where To Trade | On:27-04-2015 10:50

New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.

StockPair

Press Release

YesOption Voted Best Technical Analysis by DailyForex

YesOption Voted Best Technical Analysis by DailyForex

August 12, 2014 - London, UK, - Leading online forex and binary options trading platform - www.yesoption.com has once again made the news by being awarded the prestigious award of ‘Best Technical Analysis of 2014’ ...
24option binary options broker review

24option binary options broker review

Plus500Findings.com is recently launched online to help traders decide which broker they could open an account. 24Option, one of the popular trading platform online is reviewed whether it is legitimate broker or scam. This reviews and findings are of great benefits for traders, especially for those novice ones, who are just starting in the trading industry. ...
Banc De Binary Expands Investment Research Service

Banc De Binary Expands Investment Research Service

Leading Investment Firm, Banc De Binary, which specializes in binary options trading, has added a new weekly video series and trading webinars to the investment research service that it provides to its clients. ...

Articles

Citigroup Inc. is to pay $25 million amends

Citigroup Inc. is to pay $25 million amends

Citigroup accepted to pay the amends without denying the accusation ...
Netflix added 7.1 million new subscribers

Netflix added 7.1 million new subscribers

Netflix Inc. managed to add in the last quarter of 2016 more subscribers than expected ...
The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

On Wednesday, Federal Reserve Chair Janet Yellen spoke about the interest rates and about the United States' economy ...
StockPair

Featured Listings