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Dollar mixed ahead of European trading

Started by forex4you, Sep 12, 2022, 02:30 pm

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Dollar mixed ahead of European trading

<p style="" class="text-align-justify">The greenback is sitting mixed across the board as it is down against the euro and pound but higher up against the yen. Against the rest of the major currencies bloc, the dollar is little changed after some gaps to take note of in early Asia morning.</p><p style="" class="text-align-justify">EUR/USD is one that saw a significant gap higher, opening at around 1.0104 before holding closer to 1.0080 now - still up 0.4% on the day. But from a technical perspective, the swing region resistance around 1.0075-90 is still in play on the daily chart:</p><p style="" class="text-align-justify">The gap higher in the euro could be attributed to a ECB sources report, saying that policymakers are seeing rising risk of rates hitting 2% in order to curb inflation. I'll put up a ICYMI post in a bit on that.</p><p style="" class="text-align-justify">GBP/USD also gapped higher at around 1.1640 (depending on chart sources, it could be up to 1.1660) before settling around 1.1610 at the moment. The 6 September high at 1.1609 will be a minor resistance on the daily chart to watch.</p><p style="" class="text-align-justify">Meanwhile, we are seeing USD/JPY run up closer towards 143.00 and that is inviting a test of its 100-hour moving average at 143.19 potentially. Price action is currently caught between that and the 200-hour moving average at 141.47 so traders still have to work out the near-term bias before determining the next meaningful push on the week.</p>

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