Forex Morning Briefing
$DXY, $EUR, $GBP, $JPY
Commentary: Pressure on the Buck up and down. PE
US Dollar (.DXY) Index at 92.64 saw support at the 13-Day MA and moved back to 92.6.
Note: The markets await the Retail Sales data Tuesday. If it turns out to be higher than expected, it could take yields higher and lend strength to USD, but lower retail sales might lead to .DXY dipping lto the 21-Day MA at 91.8.
EUR (Euro) at 1.1933 fell from 1.1996 Monday, suggesting that the downtrend is strong, but watch 1st support at 1.1920, if it holds, the single currency could range within 1.1920-80 in here or a clear break below 1.1920 then targets 1.1860 and lower.
USD/JPY at 109.74 seeing support at 109.0-109.5, if the pair stays above 109, a rise back towards 110.5-111.0 this week may occur. If it breaks below 109.5-109.0, it could turn Bearish medium term.
Note: Weak retail sales data may lead to a break of the major support.
EUR/JPY at 130.96 may see resistance here. If it breaks near 132 depends on how USD strength Vs EUR and JPY acts after US retail sales data prints Tuesday. In either case, EUR/JPY should see a dip from 131 or 132.
Sterling (GBP) at 1.3563 the rise to 1.37 has not happened yet but could happen in the next couple of sessions if USD weakens. After a test at 1.37, the Southside move for GBP may resume.