The dollar is holding more mixed on the day, keeping an advance against the yen - which is the weakest performer today - and lightly more positive against the franc and loonie. But it is holding slightly lower against the euro and pound as well as against the antipodeans on the session so far. That said, major technical levels are all still holding up so the price action so far today isn't indicative of much.
Let's take a look at some of the charts.
EUR/USD is up 0.3% to 1.0190 levels as the consolidation range between 1.0100 and the 50.0 Fib retracement level at 1.0283 continues to play out in the bigger picture. Drilling into the near-term chart:
We can see that price is capped by the key hourly moving averages at 1.0194-07 with large option expiries near 1.0200 today also likely to keep gains in check.
GBP/USD is a key pair to focus on with the BOE coming up later. It is seen up 0.2% to 1.2170 but not really doing a whole lot after retreating from 1.2200 earlier in the week. I shared some of my thoughts on the pound earlier here and the pair could be looking for a downside shove post-BOE.
Meanwhile, USD/JPY is up 0.4% to 134.35 but any resumption of the upside trend requires a break back above 135.00 in my view. For now, large expiries and some technical considerations in the bond market are likely to keep price action below that. The latter in particular will be key for any major moves in yen pairs, so keep an eye out.
Then, we have AUD/USD which is up 0.4% on the day to 0.6970 levels currently. While it is a decent advance, buyers need to do more to break back above 0.7000 in order to really convince of a retest of the 61.8 Fib retracement level at 0.7053. The aussie's lack of poise after the RBA may also prove to be a drag but dollar sentiment is the key driver going into tomorrow's US jobs report.
