Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Nothing New. PE

US Dollar (.DXY) Index at 97.32 is ranged within 96.30-97.80 for the 3rd week running. If the support band of 97.10-96.80 holds, then it may rise above 97.80 by the end of this week, but currently see no clear direction.

EUR (Euro) at  1.1154 traded lower as “the selling pressure may be back near the resistance of 1.1215-35 and the lower end of the 3-wk range of 1.1100-1.1300 may be retested”. If it closes below 1.1160 Tuesday, then we might see 1.1100 at the end if this week.

USD/JPY at 111.66 is up to 112 in line with expectations. My initial target of 112 and then 113 is intact for now. Near term looks Bullish.

Sterling (GBP) at 1.27348 is in a corrective phase. While is trades below 1.2850, see a test of 1.26 or lower near term before a bounce happens.

AUD (Aussie) at 0.7590 is trading lower, 1st  support is seen near 0.7570-0.7560, which if holds, could drive it back towards 0.76 or higher. And could see stable movement near term.

Stay tuned…

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