Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: USD still holding strong on hawkish Fed statement. PE

The US Dollar (.DXY) Index at 92.38 saw highs at 92.8 after the Fed expressed positivity regarding future inflation this week.

Note: If .DXY dips below 92.3 Friday, could then move to 92.0-91.5 and resume its uptrend. The next target medium term is 94-95

EUR (Euro) 1.1991 is moving to 1.20. If it moves above 1.201, it could then go to 1.205-1.210 before resuming its downtrend medium term. The medium term target is 1.16-1.17

USD/JPY at 108.99 dipped to 109 after marking 110.04 Wednesday. It could dip to 108.75, then move higher to 110.5-110.75. The broader uptrend looks capped till 110.50-110.75 medium term, after which USD/JPY could turn Bearish.

EUR/JPY at 130.72 broke below support at 131, next support is 130.00-129.75,  In case both USD/JPY and EUR turn Bearish, EUR/JPY could break the support at 130.00-129.75.

Sterling (GBP) at 1.3585 is moving to target at 1.35-1.345, see that test next week. It broke below Key long term support at 1.385 early this week, may lead to medium term Bearishness GBP.

Have a terrific weekend

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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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