Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: USD support at 88.5 held, now seeing strength PE

US Dollar (.DXY) Index at 90.244 moved past 90, and has been trading in the 90.2-90.4 range. There should be resistance at 91 as seen on the daily and weeklies. A test at 91 could occur next week.

EUR (Euro) at 1.2278 tested support near 1.2275 earlier than expected. Now seeing lower support near 1.22 on the 3-Day line, and near 1.215-1.22 on the daily candle, which might be strong support leading to a bounce.

USD/JPY at 109.34 is struggling to move up and  beyond 109.5 as 21-Day and 13-Day MA lines on the daily line continue acting like resistance. On the weekly line, it might come down to test support near 108.5 an important mark. Near term USD/JPY looks Bearish for now, directional clarity may come in the next few days.

EUR/JPY at 134.25 declines to 133.87, but is now trading above 134, indicating that support at 134 on the daily, 3-Day and weekly candles might hold for some more time. But, if EUR goes down to 1.22 without USD/JPY breaking below 108.5, EUR/JPY could break support at 134.

Sterling (GBP) at 1.3894 in a downtrend for the last 5 sessions and could test support near 1.36-1.37 this time next week.

Stay tuned…

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