Forex Morning Briefing

Forex Morning Briefing

$DXY, $EUR, $JPY, $GBP

Commentary: Most currencies may go quiet over the next few days, headed into the Christmas Holidays. PE

The US Dollar (.DXY) Index at 93.355 saw a low of 93.16 Wednesday, and currently trading 93.35, slowly approaching 93. Likelihood of .DXY staying in the 93.0-93.5 range during the Holiday season is high, a clear break of 93 could push it to 92.5, 1st support on weekly lines.

EUR (Euro) at 1.1874 reached a high of 1.1902 Wednesday, testing the Key resistance near 1.19 earlier than expected. It is now trading below resistance near 1.1875, and like .DXY, could see levels being maintained near 1.185-1.190 in this Holiday season.

USD/JPY at 113.43 testing resistance at 113.5 on the daily candles with a further move in US-Japan 10 yr spread from the current 2.42 to 2.5, it could move past 113.5 to test resistance at 114 on the 3 day and weekly candles, then a dip is likely.

Sterling (GBP) at 1.3367 moved within a narrow range Wednesday within 1.3372-1.3420, and little intra-day movement is expected now at the beginning of the Holiday season. There might be some support near 1.335 on the daily candles, which may restrict the range of oscillation to 1.335-1.345,

Stay tuned…

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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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