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 Wednesday’s session.It might stay stable to weak Vs Japanese Yen.
The US Dollar (.DXY) Index 95.00: .DXY has support in the 95.0-94.5 area, and 1st resistance at 95.5. A clear break above 95.5 may well align with a break below 1.155 on EUR, while a break below 94.5 can happen if EUR breaches 1.17.
EUR (Euro) at 1.1624 sees resistance at 1.165-1.170 and support at 1.16 and they are holding for EUR. Then there is support at 1.155. A clear break above 1.17 or below 1.155 would be important as it will establish the single currency’s direction.
USD/JPY (Dollar Yen) at 110.61:The pair is testing support at 110.50. A clear break below 110.50 leads to a test of 109.75. But, while the pair trades above 110.5, a move to 111-112 could happen.
EUR/JPY (Euro Yen) at 128.57 is holding below 129.50. A weak close below 129.50 increases the chances of Bearishness next week. On weekly line, the support trendline at 128 would have to be broken mid term for it the pair to head South.
Sterling (GBP) at 1.2928: The Great British Pound sees 1st resistance at 1.295 on daily, and it is holding now. There is major resistance at 1.305-1.310. Expect a correction near term.
Have a terrific weekend.