Intraday Forex Thursday, January 21 (EURUSD, USDJPY, etc.) Dollar slipped as anticipation of a massive U.S. stimulus package sapped demand for USD.


Hi everyone. This observation is made around 4:15 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asia-Pacific shares rose Thursday as renewed optimism over U.S. fiscal spending lifted global investor sentiment and bolster corporate earnings. Oil prices fell as U.S. crude oil inventories rose. Gold nears a 2-week high.

Dollar on back foot as optimism that U.S. stimulus package under the new President Biden administration will bolster growth and sapped demand for safe-haven currencies.
ECB meeting and press conference from ECB President Lagarde is to be held later today.

I also does analysis for some other currencies. Read more on the website on TECHNICAL ANALYSIS and DAILY MARKET NEWS.

  • The euro gained more than 0.2%, reversing a similar decline from the previous session, to trade at $1.2130.​
  • The euro drew support from an investor sentiment survey that beat forecasts and the Italian government's surviving a confidence vote.​
  • Long liquidation pressures however, weighed on EUR/USD ahead of Thursday's ECB meeting and press conference from ECB President Lagarde.​
  • EU leaders will address the coronavirus pandemic’s mounting challenges, from containing more infectious variants to the threat of border closures and the slow roll-out of vaccines across the bloc. The meeting begins at 1700 GMT.​
  • Meanwhile, the dollar drops in anticipation of more U.S. stimulus spending. Yellen told the Senate Finance Committee that the government must "act big" with its next coronavirus relief package.​
Important Levels to Watch for:​
  • Resistance line of 1.21630 and 1.21897.​
  • Support line of 1.20764 and 1.20497.​

  • The dollar was mostly flat at 103.489 yen on Thursday, after sliding to a 2-week low of 103.446 overnight.​
  • The expectation for additional fiscal stimulus reinforced after Democrat control of the Senate, weighted on the dollar.​
  • In its monetary statement earlier today, the BoJ kept the policy steady and revised up its economic forecast for next fiscal year, signalling that it has delivered sufficient stimulus for now to cushion the blow from the COVID-19 pandemic.​
  • The central bank kept unchanged its target for short-term interest rates at -0.1% and that for 10-year government bond yields around 0% in a two-day rate review.​
  • Meanwhile, in economic data, Japan’s exports rose 2.0% in December from a year earlier, marked the first annual increase since November 2018.​
Important Levels to Watch for Today:​
  • Resistance line of 103.949 and 104.147.​
  • Support line of 103.308 and 103.109.​

For analysis of USDCHF, GBPUSD and other insight into the market, read more on the WEBSITE or click on TECHNICAL ANALYSIS and DAILY MARKET NEWS.


Everything will be stable until the next high-profile decision.
But I didn't even expect things to work out so strictly.