Dollar opens the weak on a soft note

September 20, 2016

The US dollar opened on Monday on a soft note but managed to regain control by the end of the day. As the BoJ and FOMC decisions loom, the dollar will be looking at another quiet trading day. In the US, building permits and housing starts figures will be on the tap today, but traders will most likely focus on positioning ahead of tomorrow's all important central bank decisions.

EURUSD Daily Analysis

EURUSD (1.1173): EURUSD's attempt to close bullish saw a very little recovery from Friday's declines with price briefly trading near 1.1200 yesterday before pulling back lower. Price action looks range bound within the 1.1200 and 1.1150 price levels with further declines to come only on a close below 1.1150. In the near term, EURUSD could remain range bound with BoJ and FOMC meetings around the corner.

USDJPY Daily Analysis

USDJPY (101.88): USDJPY continues to consolidate near the 102.00 price level. On the 4-hour chart, resistance is seen forming here which could indicate a near-term decline. 101.00 - 100.55 support to the downside remains in sight and could be tested on strong bearish price action near the 102.00 level. Alternately, if prices manage to close above 102.00, USDJPY could be seen testing 103.00, but further gains are limited.

GBPUSD Daily Analysis

GBPUSD (1.3041): GBPUSD remains supported above 1.3000 level with yesterday's attempt to bounce off the support showing prices pulling back by the end of the day. Still, the higher low formed could potentially signal a near term upside. Watch for the resistance at 1.3067, where a breakout abve this level could see further gains being stretched towards 1.3200 - 1.3170 which could now act as resistance. In the near term, declines could be limited to 1.3000 unless the support level gives way in which case, GBPUSD could be poised to see further downside.

Gold Daily Analysis

XAUUSD (1316.01): Gold prices are seen bouncing off, recovering from Friday's low yesterday. After a few sessions of consolidation above 1314 - 1312 support level, gold prices could see further upside test 1331 - 1327.50 resistance level. The consolidation is likely to continue with no clear bias for now.

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