Forex Morning Briefing, Major Pairs

Forex Morning Briefing, Major Pairs


Commentary: Nothing New. PE

The US Dollar (.DXY) Index at 93.64) is holding above the support of 92.54, but has come up to test 1st resistance near 94.00-94.50 and if it holds could push the index towards 92.50 near term. In case the index breaks above 94.00 here, expect a move to 95.00 and higher.

EUR (Euro) at 1.1729 may test support near 1.1650, but in case .DXY comes off from 1st resistance, Euro could strengthen towards 1.1800-1.1850 again. Near term trend will be seen within 1.1650-1.1850.

USD/JPY at 109.438 is trading above major support at 108.13 and bounce from there. A clear break below 108 if it occurs then look at 106. Till then prefer a bounce from 108 near term.

The Euro-Yen (128.40) is also trading above important support at 128 and while that holds, has some chance of moving up towards 129 again. On a break below 128, we may revise our targets towards 125.

Sterling (GBP) at 1.2886 is trading at Key support levels and if it holds could take it to 1.2930 or higher near term. There is the chance of testing 1.2790 before a sharp bounce. Overall some sideways movement is possible now.

AUD (Aussie) at 0.7892 bounced sharply this week from major support near 0.78. There is enough room on the Northside to 0.80/81, while above 0.78.

Have a terrific weekend.

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