February 8, 2023

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Dollar holds slight advance to start the session

1 min read

Dollar sits a little higher on the day but not really pushing any boundaries

EUR/USD sits in a 25 pips range as it lingers around 1.2065-80 now, staying away from 1.2100 as well as another test of key trendline resistance – seen @ 1.2116 today.

EUR/USD D1 27-04

Of note, price is also keeping above the 100-day moving average (red line) @ 1.2052 as well as the 100-hour moving average @ 1.2054, so buyers are still very much in the game in trying to push for further upside momentum this week.

Meanwhile, USD/JPY is a little higher at 108.20-30 levels as buyers are trying to find more conviction to breach the 200-hour moving average @ 108.25 as well as the 23.6 retracement level of the downtrend this month @ 108.30.

USD/CAD stays in the hunt for a further downside push around 1.2400 while AUD/USD is pulling back slightly after hitting 0.7800 in overnight trading.

In short, the dollar is holding its ground for now (also evident by the Bloomberg dollar index chart here) awaiting further catalysts later on in the week.

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