Dollar holds in a good spot to start the session

<p>It isn't really much as the narrower ranges from earlier stretch out but they are mostly in favour of the dollar for the time being. The dollar is now up 0.3% against the euro and pound, with EUR/USD down to 1.0875 and GBP/USD down to 1.2670 respectively.</p><p>It eats a bit into the gains for both pairs on Friday but it reaffirms that the dollar is still maintaining some near-term hold on both pairs. If you look at the charts below, price is settling back below both the 100 and 200-hour moving averages:</p><p>In other words, as the pair holds below both the key near-term levels, the bias is keeping more bearish for now. We are still sitting within the ranges of price action in the last week but the technical bias is hinting that the dollar is holding up for now.</p><p>Besides that, USD/JPY continues to knock on the door of the 145.00 mark as the pair is up 0.3% to 144.80 currently. I shared some thoughts earlier <a href="https://www.forexlive.com/news/usdjpy-continues-to-hold-near-the-potential-intervention-marker-for-now-20230703/" target="_blank" rel="follow">here</a>.</p><p>Then, we do have AUD/USD down 0.2% to 0.6650 with sellers hoping to try and take a run at the 100-hour moving average at 0.6642. Topside resistance is more limited closer to 0.6692-95, which represents the confluence of its 100 and 200-day moving averages.</p>

This article was written by Justin Low at www.forexlive.com.