Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: Nothing new. PE

US Dollar (.DXY) Index at 94.59 the 1st support held for .DXY Tuesday, it is now trading at the major resistance. The focus is on the FOMC meet Wednesday, which could strengthen .DXY to 95.0-95.5. We will see if it gets capped there or breaks out.

EUR (Euro) 1.1684 moved up Tuesday to test at 1.174 and dipped. If the FOMC drives some strength into USD Wednesday, the break could be South to 1.16. Seeing some bearishness in here.

USD/JPY at 111.88; the BoJ Tuesday maintained its policy decision and did not strengthen the JPY, it weakened to 111.96. With the FOMC Wednesday, it could continue move to 112.5 important resistance. If it breaks above 112.5, then 113.18 could open yet this week..

EUR/JPY at 130.72 bounced, the resistance is at 131.58. A clear break above 131.58 would require EUR and USD/JPY to break above 1.175 and 112.5. This could happen.

Sterling (GBP) aat 1.3110; the BOE meeting Thursday is expected to see a rate hike, which seems to have been already factored in by the markets. The broader trend for GBO looks Bearish to me.  Sterling is trading quietly ahead of the FOMC and BOE meets, as the markets possibly wait in anticipation.

Stay tuned…

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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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