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With equities slightly higher on the day, we are seeing the dollar keep a little on the defensive to start the new week. While the gains in stocks are still seen as a bit of a breather considering the beatdown last week, the greenback is also following suit as it continues more of a push and pull feel since the FOMC meeting.
USD/JPY continues to huff and puff at the 135.00 level but is finding it tough to secure a firm breakout. The high early in European morning trade hit 135.10 before slipping bac to 134.60-70 levels at the moment:
Meanwhile, EUR/USD is up slightly to 1.0515 in choppy trading though the 200-hour moving average at 1.0532 is limiting upside price action for the time being. USD/CHF remains pinned down since the SNB policy pivot last week, with the pair easing by 0.4% to 0.9650 levels on the day. The end-May and early June lows around 0.9544-56 remain a key region to watch for any extended downside break.
Elsewhere, AUD/USD is up 0.7% to 0.6980 with the 0.7000 level set to see some offers before technical resistance from the 200-hour moving average at 0.7024 comes into play.
With it being a US holiday today, it will be tough to gather any fresh convictions so the technicals will be an important point of focus in making sense of the moves throughout the day.