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Article / 17 January 2018 at 15:33 GMT

FX Board: USD consolidates from lows, still far from reversing trend

Head of FX Strategy / Saxo Bank
Denmark
  • EURUSD supported at 1.22
  • EURJPY lacking momentum
  • Focus lower in EURCHF
Dollar
We are seeing a push higher here and there but the dollar
remains broadly underwater. Photo: Shutterstock

By John J Hardy

Notes of interest for FX Board are below for the key pairs. Please see the full PDF attached with latest Trend and Trend Heat and Momentum readings for all of the G-10 currencies, as well as spot gold and silver.

EURUSD: 1.2200 supporting so far; bulls in control for 1.2500 attempt if 1.2100 area holds.

USDJPY: Selloff eases as US rates have pulled back higher... 110 a local battleground with 112/111.75 as an upside pivot.

EURJPY: Entirely lacking momentum - watching 136.65 high and 133.00 area for downside risks
EURGBP: 0.8900-0.8800 is "inner range" within 0.9000 to 0.8700.

GBPUSD: Has interacted with the pre-Brexit low near 1.3835 - next level into 1.4000 if support comes in above 1.365.

GBPJPY: 153.67 is top and downside trigger area looks like approximately 150.00.

EURCHF: Looking a bit heavy if slips back below 1.1750 - but rising channel has supported for months.

USDCHF: Focus is lower unless the pair can vault back above 0.9700-50 and EURUSD rally falters…

AUDUSD: Has stopped a bit shy of 0.8000, a key psychological hurdle. First support is 0.7875-0.7900.

NZDUSD: We have finally found a resistance level in the 0.7300 area. Time for a breather from this rally?

USDCAD: Mixed kneejerk tending toward a rally post-BoC, but has to sustain above 1.2600 for bigger implications.

EURSEK: Knocked lower on Riksbank comments today. Needs to dip through 9.80-75 for bigger developments.

EURNOK: Still looking heavy into pivotal 9.60 area for potential to 9.40 or lower on break.

XAUUSD: First support into $1,325/oz area, then $1,310 to $1,295/oz if there is a bigger consolidation.

XAGUSD: Whippy price action; let's see if 17.00 area remains sticky. Risk to 16.50 if not. 

– Edited by Michael McKenna
John J Hardy is head of FX strategy at Saxo Bank 
Download document

FX Board for Wednesday, January 17, 2018

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