It was turnaround Thursday for the dollar yesterday and the bulls are building on that today. The greenback is proving more resilient in trading this week, bouncing back strongly now after its post-Fed slump. EUR/USD is down to a three-week low of 1.0810, eyeing a break of its 200-day moving average:
There is minor support and some bids layered at 1.0800 for now but it is getting tougher to ignore the broader dollar momentum in play at the moment.
GBP/USD is also down 0.5% to 1.2588 and threatening a break of its own key daily moving averages here. Meanwhile, USD/CHF is up above 0.9000 for the first time in three months.
Looking over to the antipodeans, they are getting hammered as well in trading today. AUD/USD is now down 0.8% to 0.6513 and eyes a test of the 0.6500 mark. And NZD/USD is down 0.6% to near the 0.6000 level on the day. Both the aussie and kiwi are not helped by a breakdown in the Chinese yuan today.
USD/CNY has jumped up above crucial resistance at 7.20 since the start of the year. The pair is trading at 7.227 currently. And that is also in part feeding to more dollar strength we’re seeing today.
This article was written by Justin Low at www.forexlive.com.
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