November 29, 2022

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Dollar holds its ground for the time being

1 min read

Two key charts to watch for the dollar in the week ahead

The greenback has staved off a further decline towards the end of last week and is holding steadier so far today as well. Major currencies are little changed amid holiday thin trading in Europe but there’s still much to look forward to in the week ahead.

In that lieu, there are two key levels to watch for the dollar in the form of EUR/USD and GBP/USD in case the greenback is exposed to further downside in the days ahead.

EUR/USD D1 24-05

The 25 February high @ 1.2243 for EUR/USD remains the key resistance level limiting the recent topside move so that will be key in case the pair does attempt another push higher going into month-end trading.

GBP/USD D1 24-05

Meanwhile, GBP/USD had just fallen shy of testing the 24 February high @ 1.4241 at the end of last week and price has since retraced slightly for the time being. But that remains a key resistance point in the event buyers try and push the agenda in the days ahead.

Elsewhere, also keep an eye on the 1.2000 level for USD/CAD as a key support region.

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