Forex Morning Briefing
Commentary: Nothing New. PE
The US Dollar (.DXY) Index at 89.836 has ranged between 88.5 – 90.5 for the last 3 weeks, if the same ranging continues, Southside target could be the support at 88.25-88.50.
Note: The EU CPI data release Friday and the US Consumer Confidence and US GDP data release next week could be market movers for the major currencies.
EUR (Euro) at 1.2318 saw a low at 1.226 Thursday and tested lower support 1.2275-1.2265 on the daily candles.The single currency is now seeing a bounce. It has been ranged within 1.22 – 1.255 for the last 3 weeks, if that continues, we could see a test at 1.25 next week.
USD/JPY at 106.89 dipped from resistance 107.9 – 108.0 and could again move down to 105.5, and the pair could continue Bearish over the next 1-2 weeks.
EUR/JPY at 131.68 saw a low at 131.30 Thursday, and is now trading at 131.6 – 131.8 indicating that a bounce is happening. Strength in EUR to 1.24 and JPY to 106 would mean that the pair stays above support at 131.30.
Sterling (GBP) at 1.3953 saw a low of 1.3857 Thursday, but now seems to be bouncing from support near 1.39. There is the possibility of it moving down again next week to 1.38, as seen on the daily and 3-Day candles.
Have a terrific weekend.
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