Forex Morning Briefing

Forex Morning Briefing


Commentary: USD weakness persists . PE

The US Dollar (.DXY) Index at 93.043 reached a high of 93.36 Monday, and closed lower at 93.08 and is currently trading around similar levels. This might reflect a hold of resistance near term, with a dip towards immediate support at 92.75-92.80 likely this week.

EUR (Euro) at 1.1874 saw a low of 1.1829 Monday, but rose to close at 1.1864. Support seems to be holding for now and only a decisive move in USD strength could bring about of a break of this support to test new support at approx 1.1775 on the 3-day. USD weakness could see breach of resistance at 1.19 on the weekly, and a move to 1.20-1.21.

USD/JPY at 112.53 is maintaining its upmove and is likely to attempt 113 within this week, with a test of resistance around 113.50 on the daily likely in this month.

Sterling (GBP) at 1.3467)tested resistance at 1.35 intra-day Monday, but came down to close at 1.3479. It is trading at similar marks now, and can be expected to stay within the channel between 1.35 and 1.335 for the next few sessions.

Note: USD weakness could make it test resistance at 1.36 on the weekly.

Stay tuned…

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