The greenback is the strongest performing major currency for now
EUR/USD is back down to test the 1.1700 level while GBP/USD is hovering around 1.2840-50 as the dollar keeps firmer on the day amid the pullback seen in gold and silver.
That said, gains in the dollar are still rather modest after the declines seen towards the end of last week and aren't really moving towards testing key near-term levels just yet.
The spot to watch in my view is still USD/JPY in that regard:
The pair is keeping a little higher on the day and more importantly, staving off a potential break under the 105.00 handle. If buyers can manage to get back above 106.00, that could help the greenback regain some footing in the near-term.
Besides the 105.00 level, support from the 61.8 retracement level @ 105.21 is also in play
Elsewhere, EUR/USD is still keeping just above 1.1700 with near-term support seen closer at 1.1680 and then the 100-hour moving average at 1.1639.
As such, buyers are in control but considering the stretched positioning, it is tough to make a proposition to add to longs at these levels for now.
Looking ahead, there's still a big week to come so be wary that the market mood can shift around rather quickly despite the focus on flows and positioning at the moment.
Reprinted from forexlive, the copyright all reserved by the original author.
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