Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: USD trading above Key resistance. PE

The US Dollar (.DXY) Index at 90.845 has come off from 91 and continues to trade above Key resistances on the daily lines near 90.50-90.75. It could struggle there and turn Bearish near term.

Note: The recent up move in US Treasury yields if it holds could be USD positive and drive .DXY past 91.

EUR (Euro) at 1.2225 continues within 1.225-1.215, and a clear break below 1.215 may not happen near term. If the single currency rises past 1.226, may near term preference for Bullishness would be correct.

Note: The ECB meeting Thursday could be a market mover and so, should be watched closely.

USD/JPY at 108.90 may see resistance around the 21-Wk MA at 108.93 and could dip, and could be restricted by 110 short term, the turn Bearish.

EUR/JPY at 133.14 rose above 133 breaching resistances on daily lines. It could still end the week below 133 if it stays below the 21 Wk MA 132.95. Looking at EUR and USD/JPY the single currency could turn Bullish to 1.225 and USD/JPY could dip to 108.5 targeting 132.91 on EUR/JPY.

Sterling  (GBP) at 1.3981 has paused in its down-move to Key long term support at 1.385 on the weekly lines. If that support breaks, GBP could turn Very Bearish medium term. If it hold, then see a rally to long term resistance at 1.46 in a few weeks.

Stay tuned…

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