The USD started the day dropping against the Canadian dollar, now on a bullish reversal.
US Dollar could be looking for fresh highs
The US Dollar has been extending the bullish bias above the 200 SMA at H1 chart, but the resistance level of 93.51 is helping to cap further gains. That’s why we would like to stick with the idea of a possible decline to complete a cycle between the 92.81 and 92.60 level, where is located a strong demand area. If a rebound happens over there, then the index could be on its way to reach the Fibonacci level of -23.6% at 93.84.
RSI indicator stays in the positive territory, favoring to the bulls, but we should remind that indicator was before in the overbought zone.
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
It looks like GBP/JPY is finally trying to break out of the recent consolidation. Learn more!
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.