Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing

$DXY, $EUR, $JPY

Commentary: Asian and EU markets open. PE

The US Dollar (.DXY) Index at 92.3650 has risen to 92.5, and may see resistance here for a few sessions.

Note: The next few sessions could also depend upon the perception of the FOMC’s stance in its meeting later today. Although a rate hike is not expected Wednesday, expectation of further Hawkish intent from the Fed could help USD strengthen. Its next target medium term could be 94-95. The Northside could be capped till 94-95 after which USD could correct.

EUR (Euro) 1.2006) weakened further Tuesday, seeing a low of 1.1981 testing support near 1.198-1.200.  The single currency’s medium term target corresponding to .DXY target at 94-95 or near 1.16.

USD/JPY at 109.71 moved up in the channel instead of dipping to 108.5, the current uptrend could be capped at 110.0-110.5, after which the pair could dip within 3 sessions

EUR/JPY at 131.74 is moving down to 131. My targets of 1.195 on the EUR and 109.0 on USD/JPY for this week suggests EUR/JPY could break below 131 to target 130. There is support near 131 on weekly candle, which could prevent a test of 130.

We wait, We watch.

Sterling (GBP) at 1.3614 against expectations, has broken below Key long term support at 1.385. This could prove to be a Key break, making GBP Very Bearish medium term. Next target is 1.35

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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