Forex Morning Briefing

Forex Morning Briefing


Commentary: Nothing new. PE

US Dollar (.DXY) Index at 93.945 is testing resistance at 94.00 on the 3 day candles and daily lines. This is Key resistance, if it holds could signal a downtrend to 93 by end of this month. But a clear breach there could see a test of 94.40-94.50 on the daily candles, from where a dip might follow.

EUR (Euro) at 1.1768 is trading just above 1st support at 1.173-1.175 on the 3 day candles, which is likely to hold and drive it to 1.19 by the end of the month. A break of 1st support could lead to testing of support around 1.17, which may prove to be a strong support mark.

USD/JPY at 113.48 seems to be seeing a dip from resistance level at  113.5-113.6 on the daily line. A further test at 114 could be possible with a dip back to 112-112.5 by January.

Sterling (GBP) at 1.3340 broke support at 1.335, Cable is now expected to move to 1.32-1.3225, which is seen as a strong support level on daily, 3 day and weekly’s.

Stay tuned…

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