Forex Morning Briefing
Commentary: USD seeing some, but not much, strength in here. PE
The US Dollar (.DXY) Index at 89.79 seeing a pause in its move to support at 89.25, then there is continuing resistance at current marks that will push it down again.
EUR (Euro) at 1.2327 dipped from 1.2396 Wednesday and is testing support at 1.23. It is likely that this support will hold and drive the single currency up to 1.24-1.2425 again. If EUR rises beyond 1.24-1.2425, it could then target 1.26 and then 1.28, then a medium term correction can happen. A straight rise past 1.26-1.28 implies medium term Bullishness for EUR.
USD/JPY at 107.34 has risen to previous highs near 107.4. There could be some important resistance there. A breach of 107.4 open up a move to 107.9-108.0, which is seen as Key resistance. A clear break there implies medium term Bullishness for the pair.
EUR/JPY at 132.33 is seeing some resistance in here and a bit higher there is 133 on the weekly line which is the nest resistance mark. We see 133 being tested if USD/JPY stays in the 107.0-107.4 area, while EUR moves to 1.24. Have to wait to see.
Sterling (GBP) at 1.4231 breached the resistance at 1.42, and may move to next resistance at 1.43-1.435. Medium term, a breach of 1.430-1.435 might imply Bullishness to 1.46.
Have a terrific weekend.