In opinion of FX Strategists at UOB Group, EUR/USD risks further decline in the next weeks.
GBP/USD has dropped into two.-year lows. The cable is set to extend its decline on a break below 1.3515, the 2019 high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
Following the recent sharp upside, USD/JPY faces the next resistance at 112.20 in the next weeks, noted FX Strategists at UOB Group.
AUD/USD seen re-visiting the 0.7175 level on a close below 0.7220, suggested FX Strategists at UOB Group.
Having broken monthly horizontal support, now resistance around 0.6985-90, NZD/USD is likely declining towards July’s low near 0.6880. However, RSI conditions may challenge the pair bears afterward.
USD/CAD fades the previous day’s rebound, easing to 1.2680 by the press time of the pre-European session on Wednesday.
In doing so, the Loonie pair seesaws between 50-SMA and 200-SMA, keeping the previous day’s bullish chart confirmation.
USD/CHF snaps a three-day uptrend while taking rounds to 0.9290 during a quiet Asian session on Wednesday.
The risk barometer pair marked the heaviest daily gains in over a week the previous day, rising for three consecutive days to refresh weekly high, as sour sentiment underpinned the US dollar.
CME Group’s advanced prints for crude oil futures markets showed open interest extended the uptrend for yet another session on Tuesday, now by around 4.5K contracts. Volume, instead, prolonged the erratic activity and went down by around 39.7K contracts.
In Wednesday’s trading, gold is attempting a minor bounce towards $1750 but is not out of the woods yet. XAU/USD set to test $1700? A daily close below 61.8% Fibonacci level at $1744 flags caution as analyst Dhwani Mehta notes.