Forex Morning Briefing
$DXY, $EUR, $JPY, $GBP, $AUD
Commentary: Some Key US data are coming, which may impact .DXY and the Euro. PE
The US Dollar (.DXY) Index at 89.918 after strengthening last week due to the ECB chief’s Dovish stance is now dropping, 1st support at 89.75, which could be tested in here before a bounce back to retest at 90.25. We could see .DXY test resistance at 91, before turning Bearish medium term.
EUR (Euro) at 1.2335 see a down-move to support at 1.225, the single currency seems to be respecting support near 1.228-1.23 for now, and the a drop to 1.225 gradually over this week.
USD/JPY at 106.41 is respecting near 107 on the daily lines. This week USD/JPY could move down to 106.0-105.5, there is Key support at 105.5 and a break there would lead to medium term Bearishness.
EUR/JPY at 131.24 moved down to support near 129.75-129.50 and may continue. If USD/JPY and EUR test supports near 105.5 and 1.225, the corresponding rate for EUR/JPY would be 129.23, which would be consistent with the predicted down-move to support on the pair’s daily chart.
Sterling (GBP) at 1.3902 after testing strong support near 1.38 has moved up to 1.39 and could shortly test 1.395 as seen as 1st resistance on the daily candles.