Forex Morning Briefing
$DXY, $EUR, $GBP, $JPY
Commentary: Nothing new. PE
The US Dollar (.DXY) Index at 92.76 saw a high at 92.97 Monday, and it could test 92.4-92.5 Tuesday before rising again. The next 1-2 weeks might well see .DXY come close to its medium term target at 94-95.
EUR (Euro) at 1.1925 did not rise towards 1.20, instead it saw a low of 1.1898 Monday, and there could be a move to 1.1950-1.1975 Tuesday, after which the single currency could dip again. Like .DXY, EUR in the next 1-2 weeks, could come close to its medium term target at 1.16-1.17
USD/JPY at 108.96 tested support at 108.76. Now the pair could now move higher towards 110.5-110.75 near term. The uptrend looks capped at 110.50-110.75 medium term, after USD/JPY may turn Bearish.
EUR/JPY at 129.94 is very close to support at 129.75, and expect it to stay above this mark as USD/JPY moves towards 110 from its support mark.
Sterling (GBP) at 1.3565 turned Very Bearish last week after breaking below Key long term support at 1.385 on weekly lines. It could move up to 1.358-1.360 in here, before it resumes its downtrend to 1.35-1.345.
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