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  • Writer's pictureMike Paterson

FX pairs ranging as focus turns to ECB

Thursday 22 April 2021

We've seen some further reversal on Monday's moves in some pairs but still ranging overall as we turn to see if the European Central Bank can deliver anything beyond expectation later, i.e. not a lot.

Some better risk sentiment this morning as equities rally a little and we're seeing a little USD demand with USDJPY holding 107.80 as I type and USDCAD once again holding 1.2475-80 after a rapid retreat following the unexpected BOC hawkish talk. Gold is underpinned still but failing at 1800 so far while Bitcoin continues it's retreat but dip buyers will be poised after last week's record heady highs.

As always in these fickle times be careful with your trading. Pick your preferred entry/exit levels and don't be greedy or over-analyze. Patience a virtue too of course.

GBPUSD: Finding a cap at 1.3950 after a good hold of 1.3880 as we continue to range.EURGBP: That support currently at 0.8615-20 I mentioned here yesterday duly held helped by the EURUSD 1.2000 hold and some profit-taking ahead of the ECB but some rally sellers still lurking around 0.8660-70. The rally has helped to keep a lid on GBPUSD.GBPJPY: 150.80 now providing the cap on the generally softer risk tones with core pairs still finding rally sellers.

I remain a GBP rally seller across the pairs but still not getting over greedy with expectation on the retreats. Caution advised still as equally a case for buying dips still atm.

EURUSD: A solid hold of 1.2000 as we wait on the ECB and some profit-taking but capping at 1.2050 so far but let's see if the ECB have anything to add to the equation.USDJPY: Another hold of 107.80 this morning with option interest today helping to contain as I've warned already this week.EURJPY: 129.80 providing a decent line of support again after a quick test of the next line at 129.60 yesterday. Rally sellers still poised though.USDCHF: Still finding support at 0.9140 but capped at 0.9175 (where we also have some option interest today) as EURUSD rallied and EURCHF treads water again ahead of the ECB.The SNB ever watchful and ready to help.EURCHF: 1.1000 holding still helped by the SNB shadow but sellers still poised with option interest today at 1.1050-55

AUDUSD: AUDJPY selling still notable on the softer risk tones but still holding 0.7700 amid the softer USD and firmer gold tones. More option expiries in play today at 0.7750 and may help contain. USDCAD: 1.2475-80 held again after the BOC-led retreat from 1.2630 but sellers poised around 1.2520 amid the softer USD/steady oil tones. CADJPY impact notable again too. Option interest of note tomorrow.

Let's continue to be careful out there in all things. Staying safe must be our main priority still.

Interbank rates: 08.33 BST

GBPUSD 1.3935

EURUSD 1.2043

EURGBP 0.8640

GBPEUR 1.1572

GBPAUD 1.7963

GBPCAD 1.7414

GBPJPY 150.31

GBPZAR 19.8857

GBPHKD 10.8038

USDJPY 107.85

USDZAR 14.3023

EURJPY 129.89

EURCHF 1.1023

EURHKD 9.3362

AUDUSD 0.7757

USDCAD 1.2495

USDCHF 0.9153

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