Forex Morning Briefing
$DXY, $EUR, $JPY, $GBP, $AUD, $CNY
Commentary: USD Undecided and Still Under Pressure. PE
EUR (Euro) 1.1640 as the ECB upped it’s European growth forecast from 1.7% to 2.2% for Y 2017 and from 1.8% to 2.1% in Y 2018, leading to a hardening of German yields. The change in direction now targets 1.17 in the near term, unclear whether we will get past that mark
USD/JPY at 113.30 has come off from 114.50, 1st resistance that is holding it down. Key support seen near 113 now. A confirmed break below that could be Very Bearish.
Now, the market has to decide if it has had enough of USD strength or it still believes in the rise of the The US Dollar (.DXY) Index at 94.53 from the September low of 91.The uptrend looks intact while Key support at 94.25 holds.
Sterling (GBP) at 1.3145 trades near a Key support, next support near 1.3025. It could bounce if these supports hold over the next few sessions.
AUD (Aussie) at 0.7683 has been ranged within 0.7625-7725 over the last 2 weeks. Still, a dip to 0.7600 would be appropriate.
Note: Copper could stage a bounce from near current marks. To that extent the Southside might be limited for the Aussie too.
USD/CNY at 6.6390 may be on the threshold of a strong rise, but needs a clear break above 6.65-66 for confirmation, will be interesting to watch
Have a terrific weekend.