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The US dollar remains broadly supported heading into mid-November, underpinned by steady Treasury yields and resilient U.S. data. Major currency pairs continue to fluctuate within familiar technical zones, with traders watching whether upcoming inflation data and central bank commentary will spark a directional breakout or maintain the prevailing consolidation.
Technically, the greenback remains well-positioned, though divergence is evident across major pairs. Commodity-linked currencies like the AUD and CAD show tentative signs of stability, while the EUR and GBP continue to face downward pressure. Meanwhile, USD/JPY and USD/CHF are holding near important resistance levels, suggesting that momentum may soon reassert itself.
AUD/CHF: Consolidation Persists Below 0.5300
AUD/CHF is trading near 0.5274, holding steady after rebounding from 0.5200 support. The pair remains capped below its 15-day and 20-day moving averages, which converge near 0.5230–0.5250, indicating lingering indecision in the short term.
A break above 0.5320 would signal renewed bullish momentum and target 0.5400–0.5450, while a close below 0.5150 could re-expose 0.5070 and 0.5000. The RSI (14) is near 54 points to mild upside momentum, though overall tone remains neutral-to-slightly bullish as long as the pair holds above 0.5200.
AUD/USD: Sideways Action Persists Near 0.6500
AUD/USD trades around 0.6518, remaining range-bound after rebounding from 0.6460 lows. The pair sits close to both the 15-day and 20-day moving averages, showing no clear directional bias.
Resistance lies at 0.6600, with a close above that level needed to target 0.6670–0.6720. On the downside, a drop below 0.6460 would expose 0.6400–0.6340. The RSI near 48 reflects a balanced tone, keeping the bias neutral-to-slightly bearish unless the pair breaks above 0.6600.
EUR/USD: Sellers Still in Control Below 1.1600
EUR/USD is hovering around 1.0921, struggling to sustain gains after repeated rejections near 1.1600. The pair remains below both key moving averages, reinforcing a short-term bearish bias.
A break below 1.1500–1.1450 could trigger losses toward 1.1380 and 1.1300, while recovery attempts are likely capped at 1.1600–1.1620. With the RSI around 44, momentum favours sellers, and only a decisive close above 1.1600 would ease downside pressure.
GBP/USD: Weakness Extends Below 1.3250
GBP/USD trades near 1.3147, struggling to regain footing after falling below key resistance at 1.3200–1.3250. The pair remains pressured under both the 15-day and 20-day averages, reflecting persistent selling pressure.
Immediate support lies near 1.3100–1.3050, with a break lower likely to expose 1.2850–1.2700. The RSI (14) at 39 signals mild oversold conditions, though momentum remains negative. Unless the pair closes above 1.3250, the overall tone stays bearish-to-neutral for the week ahead.
USD/CAD: Bullish Momentum Holding Above 1.4000
USD/CAD trades near 1.4388, consolidating recent gains after touching highs near 1.4540. The pair remains supported above both moving averages, positioned at 1.4020–1.4030, highlighting that the near-term trend still favours buyers.
A move above 1.4450 could open the door toward 1.4580 and 1.4680, while support lies at 1.4100–1.4050. The RSI at 53 suggests the pair may consolidate before another leg higher. Overall, the bias remains bullish-to-neutral as long as price stays above 1.4050.
USD/CHF: Holding Firm Above 0.8000
USD/CHF trades around 0.8064, easing slightly after failing to break 0.8100. The pair remains comfortably above both the 15-day and 20-day averages, keeping short-term structure constructive.
A close above 0.8120 would confirm bullish continuation toward 0.8200–0.8270, while support rests at 0.8000–0.7950. The RSI (14) near 58 points to steady momentum, maintaining a bullish-to-neutral tone as long as the pair stays above 0.8000.
USD/JPY: Bulls Retain Control Near 154.00
USD/JPY remains supported near 142.43, easing slightly after testing 144.30. The pair trades well above its 15-day and 20-day moving averages at 153.18 and 152.62, confirming an ongoing uptrend.
Resistance lies at 154.00, followed by 155.60 and 156.20. On the downside, key support rests at 152.00–150.80, where buyers are expected to re-enter. The RSI at 61 signals strong but not overextended momentum, keeping the bias bullish as long as 152.00 holds.
USD/ZAR: Range-Bound Between 17.10 and 17.50
USD/ZAR trades near 17.2812, maintaining a tight range as traders await fresh catalysts. The pair remains pinned just below its 15-day and 20-day moving averages at 17.32–17.33, underscoring ongoing indecision.
Resistance stands at 17.50, with a breakout above targeting 17.70–17.90. On the downside, 17.10–17.00 serves as strong support, with a break lower exposing 16.90–16.70. The RSI (14) around 47 confirms a neutral-to-slightly bearish tone until a clear breakout develops.
Summary: US Dollar Strength Dominates, but Consolidation Rules
The dollar’s dominance remains intact across major pairs, though momentum continues to diverge. While commodity-linked currencies like AUD and CAD show tentative stabilization, EUR and GBP are struggling to maintain footing amid weaker momentum.
Meanwhile, USD/JPY and USD/CHF remain technically constructive, reflecting sustained support from yield spreads and risk aversion. Unless key resistance levels give way, the broader FX landscape continues to favour dollar strength, with volatility likely to rise ahead of key inflation data in the coming week.