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
Notes: After a quiet Monday due to holidays in USA, the USD strengthened a bit Vs the Euro and Sterling from Tuesday’s session.It might stay stable to weak Vs Japanese Yen.
Keep a watch on USD/CNY (Dollar Yuan) at 6.8373, a clear break above 6.847 could be Key, bringing in more weakness for USD/INR.
The US Dollar (.DXY) Index at 95.33 did not move above the resistance at 95.5-95.7, and will attempt another test of support at 95 before moving up again The weekly support line is providing resistance near 95.5-96.0 which needs to be broken for Bullishness in the medium to long term.
EUR (Euro) at 1.1597 broke below support at 1.16 Tuesday, then bounced. The single currency now sees resistance at 1.16, it will hold and push EUR back to 1.155 and lower this week. Euro looks Bearish to me for the long run.
USD/JPY (Dollar Yen) at 111.52: The pair moved to test resistance at 111.5 on the daily candles, a clear breaks above this resistance mark could lead to a test of 112 in this week and then, a test of 113 in the next couple of weeks.
EUR/JPY (Euro Yen) 129.34: The pair looks like it could attempt another test of resistance at 130 on daily lines before moving back down to 127 in the next 2 weeks. A move up to 1.165 for EUR and to 112 for USD/JPY could make EUR/JPY test 130.0-130.5. in here
Sterling (GBP) at 1.2861:The Great Pound is trading below resistance at 1.287 on the daily candle. It has some interim support at 1.28, which it will break and test lower. I see Bearishness to 1.27-1.26 near term.