Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: Seeing some strength ahead for USD. PE

The US Dollar (.DXY) Index at 90.372 is testing resistance at 90.25-90.50 on the daily lines. The 90.5-91.0 looks like Key resistance, and a clear break there would imply a Bullish USD medium term.

EUR (Euro) at 1.2276 broke below support 1.23 on the daily lines to mark a low near 1.225. The 1.225-1.215 is major support for the single currency, and a break there likely implies medium term Bearishness.

USD/JPY at 107.80 moved up and is now very close to 107.78, a clear break of 107.8 targets the 21-Wk MA at 108.88, or a Bearish turn to 106.5 and lower may occur.

EUR/JPY at 132.33 may be breaking support, and is near resistance on weekly candles, which increases the opp for a dip. There is support at 131, which could be tested if EUR dips to 1.215, if USD/JPY stays at or near 108.

Sterling (GBP) at 1.4021 saw 4 running sessions South last week from 1.4377 to 1.40ish. GBP has broken support on daily lines at 1.408 and is likely to dip further to test Key long term support at 1.38-39 on weekly lines. If that Key support breaks, GBP could turn Very Bearish medium term.

Have a terrific week.

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