Article / 24 January 2018 at 14:20 GMT

FX Board: USD thrown under the bus — #SaxoStrats

Head of FX Strategy / Saxo Bank
Denmark
  • USD taking fire on all fronts
  • Sterling accelerating again
  • AUDUSD on a run

USD
The dollar continues to roll over after Secretary of the Treasury Mnuchin said that a weak greenback benefits US trade. Photo: Shutterstock

By John J Hardy

Notes of interest for the major pairs are below. Also, please see the full FX Board PDF attached for the latest trend heat and momentum readings.

  • EURUSD: Weak USD doing most of the work here as ECB up tomorrow and holding back euro elsewhere; next target 1.2500 if Draghi unable to handcuff EUR. 
  • USDJPY: Path to 108-107.50 opened up on this break below 110.00-25, which is now resistance. 
  • EURJPY: Interesting test for this pair tomorrow on current JPY surge and Draghi press conference tomorrow.        
  • EURGBP: Strong UK data and ECB holding back euro puts 0.8700 range low under pressure, break opens for 0.83.        
  • GBPUSD: Price action has accelerated again... looking too steep soon, but have to respect price action.
  • GBPJPY: Sterling managing to outperform a strong JPY today - upside focus if 153.00-50 maintained.  
  • EURCHF: Looking heavy within channel, will depend on spin-post ECB on Thursday; 1.1700 looks important. 
  • USDCHF: Very heavy after recent bounce attempt failed badly. Little range remaining below into 0.9420. 
  • AUDUSD: Astounding persistence in rallying; no signs of faltering and eyeing highest daily close today since 2015. 
  • NZDUSD: Similar upside as in AUDUSD with a key test tonight for NZD crosses over the NZ Q4 CPI release. 
  • USDCAD: Finally joining in the general USD weakness picture, could open for 1.2100 or lower. 
  • EURSEK: Staying supported for now above 9.80-75 pivot zone. Resistance levels 9.87 and 9.93. 
  • EURNOK: ECB and Norges Bank meetings up tomorrow (Thursday). Very little bounce as 9.60 pivot zone key. 
  • XAUUSD: $1,350-75/oz is of massive importance for unlocking a structural further shift to upside focus. 
  • XAGUSD: Treacherous sell-off heavily rejected - solid close higher today shifts focus to 18.0-plus.
Download document

FX Board for Wednesday, January 24, 2018

24 January
AlexF AlexF
Lol thats true look at USDCHF, being swiss I cant get why one would own CHF, even EURCHF is tanking
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