Forex Major Pairs Morning Briefing
$DXY, $EUR, $GBP, $JPY, $AUD
Commentary: US Dollar (.DXY) Index off 0.8% at 95.12, back at August lows. USD retreated in overnight action, but climbed off its low in early-morning trade, the rebound was short-lived, as .DXY saw resistance near its Monday’s closing mark. Intra-day action saw a move to the overnight low, with the slide accelerating after Dallas Fed President Robert Kaplan said he expects Neutral rates to be reached after 3 to 4 more rate hikes. Mr. Kaplan does not have an FOMC vote this year and will only be an alternate voter in Y 2019. Notably, .DXY has given back all of its gain from last week surrendering 1.6% since last Wednesday. PE
The major pairs close on Tuesday in New York
- EUR/USD: +0.88% at 1.1590
- GBP/USD: +0.85% at 1.2906
- USD/CHF: -0.64% to 0.9846
- USD/JPY: +0.27% at 110.33
- USD/CNY: -0.15% to 6.844
- AUD/USD: +0.47% at 0.73704
In Asia Wednesday
US Dollar (.DXY) Index at 95.55 has been fading during the last 3-4 sessions after testing at 97.
Note: 1st support is at 95.50 if it holds in here may halt further fall below 95.50, instead bring a bounce.
EUR (Euro) at 1.1518 moved up on USD weakness, 1.1550 is important resistance, and while below 1.1550 more Southside seen, or barring that a rise to 1.1600-1.1625 could happen.
USD/JPY (Dollar Yen) at 110.00: The pair is trading at support now. A clear break below 110 sees 109.30. The weekly looks Bearish in here.
Note: 109.50-109.30 is an important support near term.
EUR/JPY (Euro Yen) at 126.73: The pair has support at 124 and resistance at 127 on the weekly. If 127 holds see a fall to 124 near term.
Sterling (GBP) at 1.2824: The Great British Pound is up above 1.28 and while it holds see Northside to 1.290-1.295.
Note: Looking at the 3-Day and weekly, medium term looks Bearish to 1.26 and lower.