Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing


Commentary: Nothing new. PE

The US Dollar (.DXY) Index at 90.34, made a high of 90.59 Thursday, after having breached resistance earlier this week, has moved further up possibly targeting 90.75-91.00, then 90.75-91.00 is seen as a strong resistance. If breached, it could lead to medium term Bullishness for USD.

EUR (Euro) at 1.2256 test support at 1.2225 Thursday and is trading just above support. The 21-Wks MA is at 1.2150 currently and if it breaks, it could be termed as a decisive Bearish turn for the single currency medium term. But, while trading above 1.2150, EUR could again move back up to 1.25 – thereby continuing its broad ranging between 1.255-1.215 since 31 January.

USD/JPY at 107.20 breached resistance 106.9. This may be an indicator of medium term Bullishness. If USD/JPY moves beyond  107.90, medium term Bullish will be the the focus.

EUR/JPY at 131.37 facing resistance at 131.4-131.5 and might come down from here towards 130. But, there is possibility for EUR to rise from current support and USD/JPY to rise towards 107.90, if that happens, then the downward channel for the pair would be breached. We are watching and should know this next week.

Sterling (EUR) at 1.4015 broke interim support trendline on dailies, and as per my expectation has moved lower, targeting support at 1.395 on the dailies.

Have a terrific weekend

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