Forex Morning Briefing, Major Pairs
$DXY, $EUR, $JPY, $GBP, $AUD
Commentary: Nothing New. PE
The US Dollar (.DXY) Index at 94.67 remains strong in here
USD/JPY at 113.87 did not break below 113.00 and has moved up sharply, pulling EUR/JPY at 132.50 up with it, which has been helped by a bit or recovery in EUR (Euro) at 1.163.
USD/JPY 113.00 is now established as a near term support and a test of 114.50+ comes into view, intra-day supports seen at 113.60 and 113.00.
EUR/JPY at 132.50 has disappointed by not falling towards 130 and bouncing back from 131.50. Need to see if it manages to rise past intra-week resistance at 132.93-133.35 now.
EUR (Euro): there is a small Bear Flag which could push the single currency down to the Bear SHS target near 1.15 if the market remains below 1.1660 Wednesday.
Let us see how this unfolds, especially with the FOMC results later today.
Sterling (GBP) at 1.3275 moved to the upper end of the 1.31-33 range and might try and move down again towards 1.31 next.
AUD (Aussie) a0.7665 dipped Tuesday instead of moving up, but support at 0.7630-20 is holding. Need to see if this support holds or breaks over the next 2 days. Am Neutral AUD in here.
USD/CNY at 6.6268 seen slowly moving up to 6.70 in the coming weeks.