The dollar is sitting mostly higher on the day, with slight gains seen against the euro, pound and yen. Meanwhile, it is holding lower against the aussie with the RBA in focus tomorrow. EUR/USD is down 0.3% to 1.0990 and continues to hang in and around the 1.1000 mark for now:

Buyers are still hoping to try and secure a firm break above 1.1000 with the 2 February high at 1.1033 still proving to be an impediment when you look at the weekly chart. That seems to make clear how EUR/USD is still struggling for an upside break above the 1.1000 mark for the time being.

Meanwhile, GBP/USD is down 0.4% to 1.2520 and despite the weekly close and break above the 1.2500 mark, buyers are struggling a little to start the new week. A drop back below the figure level would be a massive blow to the momentum gathered on Friday.

Elsewhere, USD/JPY is sitting higher around 136.80 at the moment but off its earlier highs as buyers are contesting with key technical resistance from its 200-day moving average as highlighted here.

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