Dollar strength sees EUR/USD and GBP/USD decline as USD/JPY hits multi-year highs
EUR/USD, GBP/USD and USD/JPY dominated by dollar strength, with the greenback looking likely to continue its upward trajectory.
EUR/USD selloff continues apace
EUR/USD has maintained its bearish trajectory, with the price grinding lower over the course of this week thus far.
Following on from a wider bearish trend, we expect to see further weakness until the price breaks through the prior swing high (currently $113.74). With that in mind, any near-term upside is viewed as a bearish retracement until the price breaks through resistance.
GBP/USD falls back into new 11-month low
GBP/USD has slumped into a new 11-month low this morning, with the pair continuing the bearish trajectory seen over recent months.
Exactly when we see another significant rebound remains to be seen, but any short-term upside should be seen through the prism of that wider bearish trend. Any intraday gains would need to break up through the recent swing-high of $1.3513 if we are to see a longer-lasting bullish move come into play.
USD/JPY manages to break into multi-year highs
USD/JPY managed to push up through the ¥114.98 resistance level yesterday, bringing about a fresh four-year high for the pair.
That push into multi-year highs brings expectations of further upside to come, with a decline through the likes of ¥114.49 and ¥113.58 required to negate that bullish view.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
Please see important Research Disclaimer.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.