The USD is currently strong against major currencies, with technical analysis focusing on key levels for EURUSD, USDJPY, and GBPUSD. Events this week include rate decisions and monetary policy statements from the Reserve Bank of Australia, plus CPI, PPI, retail sales and consumer sentiment data from the US, as well as GDP data from the UK. Markets are also watching for possible intervention from the Bank of England to cut rates, and the upcoming US CPI report as key market drivers this week.

For GBPUSD, traders are watching a major downward trendline on the daily chart, anticipating potential selling pressure. Bullish momentum is supported by a minor upward trendline on the 4-hour chart, with buyers seeking to extend the rally to 1.3590. A break below this trendline could signal increased bearish bets towards 1.3140. Overall, the direction is still somewhat mixed with possible volatility pending CPI and GDP data being released.

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The USD is showing mixed performance. EURUSD is testing key support levels, while USDCHF has broken higher. The market awaits US inflation data for further direction. Technical analysis of EURUSD, USDJPY, and GBPUSD outlines biases, targets, and risks. Concerns about potential Fed rate cuts are surfacing despite generally steady dollar performance.

These findings suggest a complex outlook for the USD. A break below support in EURUSD could signal further USD strength, while USDCHF’s upward momentum supports a bullish view. US inflation data will be critical for determining the near-term direction of the dollar. Traders should monitor technical levels and economic data releases closely, remaining aware of potential risks stemming from shifts in Fed policy and global events.

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EURUSD is currently testing key support levels, particularly the 50% retracement of the recent drop at 1.16098, with a break below potentially opening the door to further declines. The dollar is steady ahead of upcoming US CPI data, a major event expected to set the tone for markets this week. Meanwhile, broader market sentiment is cautious, awaiting these inflation figures. Economic data from Australia, the UK, and the US will provide further insights into global economic health.

For EURUSD traders, the key level to watch is 1.16098. A decisive break below this support could signal further downside potential, targeting the 200-hour moving average at 1.15648. Conversely, holding above this level could lead to a period of consolidation. Traders should also closely monitor the US CPI data and other economic releases, as these events can significantly impact the dollar and, consequently, the EURUSD pair. Focus should also remain on the the technicals with the 100 hour MA now serving as close risk for sellers.

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Gold prices are down, currently at $3,352.64, primarily due to uncertainty surrounding potential US tariffs on the precious metal. COMEX futures surged last week on rumors of tariffs, but the lack of official confirmation from the White House has led to a pullback. The spread between COMEX and LME futures has narrowed, reflecting this cooling sentiment. Markets are also awaiting the US CPI report, further contributing to the cautious trading environment.

The uncertainty surrounding US tariffs creates a volatile environment for gold trading. Traders should monitor news from the White House regarding potential tariff confirmations, as this will significantly impact prices. A break below the 200-hour moving average at $3,352 could signal a bearish trend, while holding above it suggests a neutral bias. The 100-day moving average at $3,292 represents a crucial support level; breaking below this level could trigger a more significant correction. Longer term, gold is consolidating; breaking $3,435-50 to the upside or $3,292 to the downside would signal the next significant move.

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