Forex Morning Briefing
$DXY, $EUR, $GBP, $JPY
Commentary: Nothing new. PE
The US Dollar (.DXY) Index at 92.99 dipped Wednesday from 93.3-93.4 to92.8-92.9. It should rise back up towards 93.5 again by Friday. .DXY on the 1 hr chart)could be in the last leg of its 5 wave move from 89.23. This last leg may quit near 93.70-94.50. .DXY is coming close to its medium term target of 94-95 in the next 1-2 weeks, we wait, we see.
EUR (Euro) at 1.1863 rose to 1.1897 Wednesday, but also saw a low at 1.1823. It could move Thursday, to test 1.19.
Note: the single currency could have its Southside action restricted at 1.1775-1.1655, then start rising after 2 weeks. If .DXY tests 95, EUR could test 1.160-1.158.
USD/JPY at 109.72 has rising support at 108.75 on the daily candle. This move could drive it to 110.5-111.0 near term. The broader uptrend looks capped at 110.50-111.0, after that the pair could turn Bearish.
EUR/JPY at 130.17 seeing support at 129.3-129.2 and might for a few days. After that, as the USD/JPY turns Bearish, could see EUR/JPY break below 129.
Sterling (GBP) at 1.3562 rose above 1.354-1.355 Wednesday to 1.3607. It is now trading lower, but could test higher at 1.36-1.37 in the next couple of days then move lower. If GBP breaks below 1.352, it could then move to 1.325 fast.
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