USDCAD regains focus
The Canadian dollar witnessed a pullback after an uptick in manufacturing PMI data. The pair fell lower on the chart after hitting a triple top, just above 1.3600. After sinking to the 1.3500 area, prices are now looking for another test higher, with 1.3570 being the first obstacle. A decisive breakout would shake out some sellers and give the buy side a chance to push above November’s highs of 1.3800. Otherwise, a fall below 1.3480 will cause a bearish reversal in the near term.
USDCHF breaks psychological level
The US dollar bounced off the 0.9000 handle as retail sales data fell into negative territory for the Suisse economy. A bullish MA cross and a move above the resistance of 0.9060 suggest an acceleration to the upside. Aiming for a 6-month high at 0.9110 first needs confirmation at 0.9060, as the RSI produces a bearish divergence. If 0.9000 can be held as a firm support, the bullish rally could continue; otherwise, a sell off could wipe off the 200 pips gained on the currency pair.
EURJPY hitting dead cat bounce
The euro hit another low as it failed to move above 165.00. A tentative break below 163.50 is the first step towards a bearish extension in the medium term. The Yen is looking to hold on to its gains as a dead cat bounce formation threatens to pull prices lower towards 160.50. As the RSI falls lower, a close below 162.00 would attract momentum selling and resume the rally. 163.30 would be the bulls’ first target for a brief turnaround.
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- Source: https://www.orbex.com/blog/en/2024/04/intraday-analysis-usd-hits-another-high
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