Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: USD still looks weak in here. PE

The US Dollar (.DXY) Index at 89.10 has weakened, and broken below support near 89.4 dipping below Key long term support on weekly lines 89.2-89.4. If this break on the weekly lines hold, .DXY could turn Bearish medium term after having ranged in the 88.5-91.0 region for the past 10 weeks. The next target would be 88.5.

EUR (Euro) at 1.2449 is moving to higher to 1.255-1.260 and will be testing Key long term resistance at 1.245, then to 1.255-1.260 in the next 2 weeks.

USD/JPY at 105.63 did not break 1st support 104.6. It has bounced to 1st resistance 106 on the daily candles. This is a strong resistance mark and should again push the pair down to 104.5.

EUR/JPY at 131.49 moved up after testing 129 Friday, and went on to breach resistance 131 in the downward channel on daily candles. The Southside target of 127.5-128.0 mentioned Monday might well take some time to be tested if the single currency continues its rise to 1.255-1.26, and if the USD/JPY ranges between 106-104.

Sterling (GBP) at 1.4231 is continuing to move up in a channel on daily candles to higher resistance at 1.43. Then see a dip in the next 1-2 sessions to 1.415-1.420, then up again targeting 1.42 early next week.

Stay tuned…

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