Forex Morning Briefing

Forex Morning Briefing


Commentary: USD Undecided But Holding Up Under Pressure. PE

The US Dollar (.DXY) Index at 94.53 has been able to maintain its strength from Friday, with all currencies trading weaker Vs USD. Support seen in the 94.35-20 region, with chances of new rise towards 95+ in the next 2 weeks.

EUR (Euro) at 1.1650 remains below 1.1665-1700 as the German-US 10yr spread falls. Further resistances seen at 1.1725-45.

Now consider chances of new rise in the USD/JPY at 113.67 given that Key support at 113.00 mentioned Friday has held and the US yields have risen sharply.

EUR/JPY at 132.47 likely to trade sideways, suggesting that both EUR and JPY are likely to rise/fall in unison Vs USD, suggesting that the market is likely to see USD-centric trading for some more days.

USD/CNY at 6.4910% is trying to rise more. Look for strong upside if resistance at 6.65-66 brakes.

Have a terrific week.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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