Should we keep an eye on the upside for the U.S. dollar, which is facing weak upward pressure?

Should we keep an eye on the upside for the U.S. dollar, which is facing weak upward pressure?

21.02.2022

Last weekend, U.S. currencies were affected by the escalating situation in Ukraine, causing cross-yen pairs to decline during U.S. trading hours. The USD/JPY pair fell from 115.30 to 114.87, offsetting its gains during Asian trading hours. While the U.S. dollar weakened, the pound strengthened against the dollar. The GBP/USD pair rebounded from 1.357 to 1.362.We will be watching to see if GBP/USD continues to rise and reaches its recent high of 1.364.

Among European currencies, the euro has seen a notable decline, and the EUR/JPY pair has shown the weakest resilience among the yen crosses, falling approximately 110 pips from 131.11 to 129.96. From a technical perspective, the EUR/JPY is showing price action that suggests it may be forming a head-and-shoulders pattern on the 4-hour chart; therefore, if it continues to fall, we should be wary of a sharp drop, as there is no significant support until 129.52.

Today, the following releases are scheduled: the French Manufacturing/Services PMI at 17:15 CET, the German Manufacturing/Services PMI at 17:30 CET, the Eurozone Manufacturing/Services PMI at 18:00 CET, and the UK Manufacturing/Services PMI at 18:30 CET. Additionally, remarks by Federal Reserve Governor Bowman are scheduled for 25:15 CET, after the markets have shifted to U.S. trading hours.With tomorrow’s release of the U.S. Consumer Confidence Index approaching, we will be watching closely to see if the U.S. dollar shows any clear direction.

Past Market Reports

1. 21.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 14.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 13.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

8. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

10. 08.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?