We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Bitcoin
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.50%, while traders in France 40 are at opposite extremes with 81.89%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MSLRIRJtQh
  • LIVE NOW: Join Analyst and Editor @MartinSEssex as he discusses the most important events and themes that have driven market sentiment and will drive it in the days ahead. Register here: https://www.dailyfx.com/webinars/181540619?CHID=9&QPID=917720
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr https://t.co/Vh4sWBRPLS
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.62% Gold: -0.16% Silver: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bpsAY5CoY3
  • RT @economics: German investor confidence rises to the highest level in six months https://t.co/yRVmCYtx07
  • RT @lisaabramowicz1: There’s been a huge sentiment shift in the past month from bearish to bullish, with cash balances falling to the lowes…
  • RT @RANsquawk: Looks like @realDonaldTrump's speech will be substantial Reminder: Speech due to take place around 1700GMT/1200EST https://…
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.13% 🇯🇵JPY: -0.14% 🇪🇺EUR: -0.15% 🇬🇧GBP: -0.23% 🇨🇭CHF: -0.30% 🇳🇿NZD: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/wRKK8GBOTS
  • USD/CAD Price Forecast: Canadian Dollar vs USD- A Rally or Consolidation? MOre details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/usd-cad/2019/11/12/USDCAD-Price-Forecast-Canadian-Dollar-vs-USD--A-Rally-or-Consolidation-MK.html?CHID=9&QPID=917714 https://t.co/toWXj9OIiY
  • Coming up at half past the hour: my weekly webinar on trading sentiment. Do join me if you can... https://t.co/OtqGd9Z5OW
Dollar Gains are Tempered In Early US Trade- Haven Flows Ease

Dollar Gains are Tempered In Early US Trade- Haven Flows Ease

2011-05-16 14:49:00
Michael Boutros, Technical Strategist
Share:

Daily Winners and Losers

Dollar_Gains_are_Tempered_In_Early_US_Trade-_Risk_Flows_Ease_body_Picture_2.png, Dollar Gains are Tempered In Early US Trade- Haven Flows Ease

Dollar_Gains_are_Tempered_In_Early_US_Trade-_Risk_Flows_Ease_body_Picture_3.png, Dollar Gains are Tempered In Early US Trade- Haven Flows Ease

Dollar_Gains_are_Tempered_In_Early_US_Trade-_Risk_Flows_Ease_body_Picture_4.png, Dollar Gains are Tempered In Early US Trade- Haven Flows Ease

The Swiss franc was the best performer against the greenback in overnight trade, with the pair attempting a breaking below key support at the 38.2% Fibonacci retracement taken from the April decline at 0.8850. Risk appetite remained subdued into the start of this week, with the high-yielders continuing to fall against the greenback early in the US session. A confirmed break of the 38.2% Fib retracement eyes targets at the lower bound trend line of the ascending channel that has held the pair since the May 9th at 0.8825, followed by the 0.88-handle and 0.8760. Relative strength sees the pair moving into oversold territory, with an interim correction eyeing topside resistance at 0.8880 backed by 0.8920 and the 50% retracement at 0.8945.

Key Levels/Indicators

Level/Indicator

Level

50-Day SMA

0.8989

20-Day SMA

0.8780

10-Day SMA

0.8769

2011 High

0.8551

Dollar_Gains_are_Tempered_In_Early_US_Trade-_Risk_Flows_Ease_body_Picture_5.png, Dollar Gains are Tempered In Early US Trade- Haven Flows Ease

Dollar_Gains_are_Tempered_In_Early_US_Trade-_Risk_Flows_Ease_body_Picture_6.png, Dollar Gains are Tempered In Early US Trade- Haven Flows Ease

The kiwi continued to slide against the dollar with the pair breaking below key support at the 161.8% Fibonacci extension taken from the April 17th and May 2nd crests at 0.7830. Haven flows continue to see the high-yielding kiwi lower, with interim support resting at 0.7770. Note that relative strength indicates that the pair may be oversold here and a short-term correction may see a retest of the 0.7830 level. A break below interim support sees targets lower at 38.2% Fib retracement taken from the mid-March advance at 0.7730, backed by the 0.77-handle, and 0.7670. Former support now acts as resistance at 0.7830 with subsequent ceilings eyed at 0.7850 and 0.7880.

Key Levels/Indicators

Level/Indicator

Level

50-Day SMA

0.7728

20-Day SMA

0.7958

10-Day SMA

0.7913

2011 High

0.8120

Written by Michael Boutros, Currency Analyst for DailyFX.com

To receiveMichael’s daily reports, please send requests to:mboutros@dailyfx.com

You can also follow Michael on Twitter@MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.