Forex Major Pairs Morning Briefing

Forex Major Pairs Morning Briefing

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 on not. Key support near 95 on the US Dollar (.DXY) Index could lead to USD strength again, the support is holding.PE

Notes: 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.

In Asia

EUR (Euro) at 1.1645 bounced from 1.155 and has moved up further on both Germany and UK bending on BREXIT, which makes a deal possible. If it breaks above 1.165, the next resistance is at 1.1700. Expect the 1.165-1.170 resistance to hold and push the single currency down to 1.1550 and lower. On the other hand, a if we see a break above 1.1700, that establishes the low at 1.13 low, or a medium-term bottom, and open up the path to 1.18-1 9.

The US Dollar (.DXY) Index at 94.99 is testing support at 95, and now .DXY could  rise from here or go lower and rise from support at 94.5.

USD/JPY (Dollar Yen) at 111.32 is seeing resistance at 111.50. While the pair trades above 111, it could run to 112.5 in the next 2 weeks. But, a clear break below 111 could lead to a test of support at 110.50-70.

EUR/JPY (Euro Yen) at 129.64: The pair moved to 130, see a dip from 130. But, if EUR rises to 1.17 and USD/JPY rises to 111.50-112.00, then a test at 130.5-131.0 can happen. A weak close below 129.44 would signal more Bearishness.

Sterling (GBP) at 1.2921, seeing Key resistance 1.305-1.310 and expect it to hold near term. Bullishness to 1. 305 now looks good given BREXIT’s promise.

Stay tuned….

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