Dollar losing ground versus the EUR, GBP, JPY and CHF

Technical Analysis

Holding in vs the commodity currencies.

As stocks had lower, yields had lower, and gold moves higher, the dollar is getting hit versus the EUR, GBP, JPY and the CHF.

  • EURUSD: The EURUSD has moved above its 100 day moving average at 1.10663 and picked up steam to the upside. The current price is above the 50% retracement 1.10818. We currently trade at 1.10873. The pair has also entered the consolidation range from January 7 to January 23 between 1.10697 and 1.1102 where most of the trading took place (see yellow area). The 61.8% retracement of the move down from the January 16 high comes in at 1.1103.
  • GBPUSD: The GBPUSD moved above a topside trend line, and has continued through the 61.8% retracement at 1.31574 and the swing highs at 1.31694. The next targets are at 1.32118 and 1.32288.
GBPUSD moves sharply higher
  • USDJPY: The USDJPY has cracked below both its 100 day moving average and 200 day moving average at 108.717 and 108.442 respectively. The next target comes in against the lower trend line at 108.21 on the daily chart.
USDJPY below its 100 and 200 day moving averages
  • USDCHF: The USDCHF has move below its August and in the December early January lows between the 0.9545 and 0.95589 area. Stay below and the bears remain in control.
USDCHF

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