Forex Morning Briefing

Forex Morning Briefing


Commentary: USD weakness persists . PE

The US Dollar (.DXY) Index at 93.043 reached a high of 93.36 Monday, and closed lower at 93.08 and is currently trading around similar levels. This might reflect a hold of resistance near term, with a dip towards immediate support at 92.75-92.80 likely this week.

EUR (Euro) at 1.1874 saw a low of 1.1829 Monday, but rose to close at 1.1864. Support seems to be holding for now and only a decisive move in USD strength could bring about of a break of this support to test new support at approx 1.1775 on the 3-day. USD weakness could see breach of resistance at 1.19 on the weekly, and a move to 1.20-1.21.

USD/JPY at 112.53 is maintaining its upmove and is likely to attempt 113 within this week, with a test of resistance around 113.50 on the daily likely in this month.

Sterling (GBP) at 1.3467)tested resistance at 1.35 intra-day Monday, but came down to close at 1.3479. It is trading at similar marks now, and can be expected to stay within the channel between 1.35 and 1.335 for the next few sessions.

Note: USD weakness could make it test resistance at 1.36 on the weekly.

Stay tuned…

The following two tabs change content below.

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.

You must be logged in to post comments :