Forex Morning Briefing
$DXY, $EUR, $GBP, $JPY
Commentary: Nothing new. PE
The US Dollar (.DXY) Index at 93.18 did not dip to 92.4-92.5 Tuesday, it rose to a high near 93.28 and is currently trading near 93.2, our projection for .DXY is coming close to its medium term target of 94-95 in the next 1-2 weeks may well come true.
EUR (Euro) 1.1852 marked a low of 1.1838 Tuesday, and is currently trading near 1.185. Corresponding to .DXY move to 93.70-94.50, the single currency could have its current move South restricted at 1.1775-1.1655, then start rising. If .DXY tests 95, EUR could test to 1.160-1.158.
USD/JPY at 109.54 has risen after testing support on the on daily candle at 108.76. This move could take it to 110.0-110.5-110.75 near term. The uptrend looks capped at 110.50-110.75 medium term, after which the pair could turn Bearish.
EUR/JPY at 129.83 tested support at 129.3 Tuesday. Expect it to break support when USD/JPY turns Bearish after testing 110.00-110.75 and EUR continues South to 1.16.
Sterling (GBP) at 1.3534 rose to 1.359 Tuesday, but dipped. If GBP rises above 1.354-1.355, it might see 1.36 or 1.37). But, if it moves to 1.35, it may extend to 1.325.