The Dollar rose against its major counterparts in the Asian session on Thursday
2018-04-12 08:46 am | Resource: NEWS | No Views : 120
The US dollar rose against its major counterparts in the Asian session on Thursday, as the dollar rose to a 3-day high of 0.9601 against the Swiss franc, from a low of 0.9568 at 5:00 Eastern Time.
Reversing the dollar from an early low of 1.2380 against the euro, rising to 1.2354. On the upside, 1.19 is likely to be seen as the next resistance to the dollar.
The dollar rebounded to 1.4171 against the pound, from a low of 1.4198 at 9:00 pm Eastern Time. We see the next potential resistance to the dollar around the 1.38 level.
The dollar rebounded to 0.7745 against the Australian dollar and 1.2594 against the Canadian dollar, from an early low of 0.7772 and 1.2562 respectively. If the dollar rises further, resistance may find around 0.75 against the Australian dollar and 1.28 against the Canadian dollar.
After dropping to 106.70 against the yen at 8:15 pm Eastern time, the dollar reversed its trend and rose to 106.97. The dollar is likely to find resistance around the 110.00 area.
Looking ahead, the euro zone industrial production is due for February and the European Central Bank meeting is scheduled for March 7-8 at the European session.
At the New York session, US import and export prices for March, weekly jobless claims for the week ending April 7 and the new Canadian home price index for February
Time frame Used - four hours The USDJPY is moving in a sideway direction in the near term The USDJPY still faces resistance around the 112.90 level In view of the technical indicators Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area Accordingly, we expect that the USDJPY will retreat to 112.19 The alternative scenario is that the USDJPY breach…
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