Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs

$DXY, $EUR, $JPY, $GBP, $AUD

Commentary:  The chances of the year-end inflation number coming up short of the Fed’s forecast have increased with the deceleration seen in the Fed’s preferred price measure and weighs heavy on the USD. PE

The US Dollar (.DXY) Index at97.42, the resistance of 98.00 may stand firm in here, and a gradual decline towards the month low of 96.80 is expected in here.

EUR (Euro) at 1.1175 tested and bounced sharply from support at 1.1100, as expected and the move to 1.1300 may have resumed.

USD/JPY at 11.15 near term as it trades sideways ranged within 110-112, any attempt to gauge any directional clue from these oscillations may turn out to be deceiving. Wait for directional confirmation.

The pre-election volatility continues for

Sterling (GBP) 1.2826 uncertainty in coming election keeps Cable soft, but it has managed to hold above major support of 1.2750, keeping the Northside chances of seeing 1.2900-1.3000 open.

AUS (Aussie) at 0.7453 is directionless, which may continue its sideways consolidation ranged within 0.74-0.75 for another 2-3 sessions.

Stay tuned…

 

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