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All Eyes on Whether the U.S. Dollar, Facing Resistance at Higher Levels, Will Attempt to Rise

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All Eyes on Whether the U.S. Dollar, Facing Resistance at Higher Levels, Will Attempt to Rise

27.01.2023

Today's Highlights
  1. France: Consumer Confidence Index
  2. U.S. Core PCE Deflator

In U.S. currency trading the previous day, the dollar traded in a back-and-forth pattern against the pound, with GBP/USD ranging between 1.2340 and 1.2430. On the daily chart, GBP/USD appears to be forming a double top after breaking above the 200-day SMA.On the weekly chart, the 75-day moving average (MA) is acting as a key resistance level, so we’ll be watching closely to see if the US dollar gains ground during US trading hours.

Among European currencies, the euro weakened against the U.S. dollar, with the EUR/USD pair falling by about 80 pips from 1.0928 to 1.0848.Yesterday’s pullback brought the EUR/USD pair back to levels seen two weeks ago, causing the Bollinger Bands on the 4-hour chart to enter a sideways phase. On the daily chart, the RSI is showing signs of divergence, so traders should be wary of a potential decline in the EUR/USD pair during European trading hours.

Today, at 16:00 CET, Norway’s retail sales and Sweden’s retail sales will be released; at 16:30, Hungary’s unemployment rate; at 16:45, France’s, at 21:00 the trade balance, and during U.S. trading hours at 22:30 U.S. personal income and the U.S. core PCE deflator, at 24:00 pending home sales and the University of Michigan Consumer Sentiment Index, and at 25:00 Canada’s fiscal balance.With the U.S. dollar facing resistance on the upside, we will carefully assess whether it will attempt to rally.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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With the ECB meeting this week approaching, all eyes are on whether the euro will rise.
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