Forex Major Pairs Morning Briefing

Forex Major Pairs Morning Briefing

Forex Major Pairs Morning Briefing


Commentary: We are at important marks in most currencies. There is the chance that the current USD’s strength could see a correction/reversal next month. This become bigger if certain Support and Resistances hold. PE

Note: Watch out for crucial resistances on EUR at 1.1675-1.1700 and on Sterling at 1.2872, if breached, maybe USD’s weakness could extend for few more sessions.

  • The US Dollar Index finished -0.4% at 94.79 in New York. .DXY finished last week just above its 50-Day MA at 95.02), but Monday’s intra-day action has featured a steady decliner. The USD has fallen against most other currencies, with the Mexican Peso showing relative strength in response to news that officials from Mexico and the United States have reached an agreement to replace NAFTA. US President Trump said negotiations with Canada will begin immediately. as the Canadian trade representatives arrive early Tuesday in Washington.

The US Dollar (.DXY) Index at 94.84 is testing support at 94.80. If it breaks here, it could fall more towards 94.3 near term.

EUR (Euro) at 1.1676 is testing resistance near 1.1675 on the daily. Above this mark, on the weekly, previous support trendline may show some resistance 1.175, that corresponds to the 21-Wks MA. While the single currency trades below 1.176, the medium term outlook is Bearish.

USD/JPY (Dollar Yen) at 111.30: The pair looks Bullish to 113 in the weeks ahead. May see a rise above 111.50 and a test at 112 late in the week.

EUR/JPY (Euro Yen) at 129.96: The pair has breached resistance 129.75. Looking at possible rises in EUR and USD/JPY towards 1.175 and 112 this week. The EUR/JPY July high of 131.99 would be a major resistance mark.

Sterling (GBP) at 1.2875: The Great British Pound is trading just above important resistance at 1.2872. If it breaks this mark then we could see a up-move to 1.3000-3050 in this week or next.

Stay tuned…

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