The dollar's current upward tide is hard to counter. The euro bore the brunt of the Republican victory in the United States, and is now flirting with its April lows of 1.0600, the last bastion before the October 2023 low of 1.0498/68. Initial resistance lies around 1.078. The British cable has just breached its 200 moving average, now resisting at 1.2887, paving the way for a further slide towards the April lows at 1.2300.

At the same time, USD/JPY and USD/CHF continued their advance without materializing the expected break, and are now heading for 156.84 and 0.8890, or even 0.9037 in extension.

USD/NOK has just collided with its May and July highs around 11.15 for a trading range with 10.85 as support. Only a break of this level would counterbalance the upward momentum underway since last September.

USD/CAD is consolidating between 1.3959/75 and the support at 1.3834/18, which would have to be breached to trigger any meaningful consolidation. On the other hand, breaching this resistance would confirm the end of the consolidation underway since the end of 2022 and pave the way for 1.45. AUD/USD and NZD/USD recorded new marginal lows, but failed to reach their bearish targets at 0.6493 and 0.5876 respectively. The presence of the first positive signs calls for caution on short strategies, which will be unwound if the 0.6670 and 0.6020 levels are breached.