The dollar is keeping weaker in the new day after the Fed hiked as expected but signaled a pause in the tightening cycle. Adding to that is regional bank woes and debt ceiling issues, and that's not leading to any dollar smile despite the risk aversion seen in markets.
Instead, it is the traditional haven assets that are benefiting such as the Japanese yen and gold in particular. Here's a couple of key charts to watch out for ahead of the ECB today:
- EUR/USD looking for that weekly break above 1.1033-75, could extend to 1.1200 next with 200-week moving average seen at 1.1994
- GBP/USD poised to extend push above 1.2500 to May 2022 highs near 1.2666, 100-week moving average seen at 1.2722
- USD/CHF nearing test of key support at 0.8800, where the December 2020 and January 2021 lows were held
- Gold comes close to test key resistance at $2,070-75, where a break could see a quick run of stops to above $2,100
- WTI crude slumping back under $70 but barely hanging on at the 200-week moving average of $66.85 with the March low near $65.00 also still helping out a little
It's definitely getting interesting now as we look towards the latter stages of the week.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
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2023-05-04 05:27:38Z
CBMiV2h0dHBzOi8vd3d3LmZvcmV4bGl2ZS5jb20vbmV3cy90cmFkZS1pZGVhcy10aHJlYWQtZXVyb3BlYW4tc2Vzc2lvbi00LW1heS0yMDIzLTIwMjMwNTA0L9IBW2h0dHBzOi8vd3d3LmZvcmV4bGl2ZS5jb20vbmV3cy90cmFkZS1pZGVhcy10aHJlYWQtZXVyb3BlYW4tc2Vzc2lvbi00LW1heS0yMDIzLTIwMjMwNTA0L2FtcC8
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