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.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
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
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
