Forex
USD Strength Continues Amidst Weakness in Key Pairs
The US Dollar has seen significant strength following last Wednesday's rate hike, pushing DXY above the 100.00 level and testing resistance at 100.64.
USD/JPY remains a major driver of USD pairs, but a reversal in this pair seems distant due to its fundamental bias towards the long side. Until USD/JPY tests fresh highs, policymakers may be hesitant to intervene.
Currencies such as EUR/USD and GBP/USD are also experiencing weakness, nearing oversold territory on their daily RSI charts.
In contrast, USD/CAD has been a strong performer, breaking through the 1.4000 level with little resistance.