Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Good strength has been seen in the Chinese RMB Yuan over the last few days as the USD/CNY (6.7668) has fallen from 6.8425 Tuesday to 6.76 Friday. This should reduce the scare on Emerging Market currencies. PE

EUR (Euro) at 1.1440 continues strong, and Key resistance is seen at 1.1450-1550 on the weekly candles. No too excited about strength beyond 1.1550 while the German 30Yr at 1.225% remains below long-term trendline resistance at 1.25%.

Sterling (GBP) at 1.3017 might rise towards 1.32 near term, but, Pound/Rupee  at 84.25 has an important resistance near the current mark. This might suggest Rupee strength.

USD/JPY at 11.85 rose to 112.93 just after the better than expected US GDP data release Thursday, very close to  target at 113, but has come off sharply. This suggests that USD/JPY may now be sold on rallies while below 113.

AUD (Aussie) at 0.7698 moved up, coming up to the lower end of the target region of 0.7700-7800. Looks like can advance into the 0.7700-7800 area.

Have a traffic weekend.

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