Forex Major Pairs Morning Briefing
Commentary: Again, we are at important marks in most currencies. There is the chance that the current USD’s strength could see a correction/reversal early this month. Supports are holding.PE
Note: After a quiet Monday due to holidays in USA, the USD could begin strengthening Vs the Euro and Sterling from Tuesday’s session.It might stay stable to weak Vs Japanese Yen.
The US Dollar (.DXY) Index at 95.25 might rise towards interim resistance near 95.5 in here, a clear break at 95.5 is preferred in the next couple of sessions , which could lead to 96-97 soon
EUR (Euro) at 1.1598: After seeing a quiet session Monday due to US holidays, the single currency may break below 1st support 1.16 on the 3-Day line in Monday’s session. More support at 1.155 may be tested in the next 2 sessions, then see a test of 1.15 later this week or early next week.
USD/JPY (Dollar Yen) at 111.12: The pair has stayed stable 111 after respecting 111.75 last week. It could now drop to important support at 110.5. If that mark break, the 110.0-109.5 come into play next. Only on a clear break below 109.5 will we negate the view of Bullishness to 113 in the next 2 weeks.
EUR/JPY (Euro Yen) at 128.89: The pair is stable below support on the daily candle. It looks Bearish to lower support at 127.5-127.0 this week. A test of marks at 1.155 by Euro-Dollar and 110 by Dollar Yen in the next 2 of sessions implies a target of 127 for Euro Yen.
Sterling (GBP)1.2861: The Great British Pound dipped below 1.29 again, thus negating chances of a rise to 1.31. The break below 1.29 suggests it could be Bearish to support 1.27 during this week.
USD/CNY (Dollar-Yuan) at 6.8214 sees major resistance at 6.83-84 and support at 6.80. While above 6.80, RMB Yuan sees resistance 6.83 being broken near term.
Have a terrific week