Forex Morning Briefing, Major Pairs
$DXY, $EUR, $JPY, $GBP, $AUD, $CNY
Commentary: Need to always watch Support and Resistance. PE
EUR (Euro) 1.1965, and AUD (Aussie) at 0.7965 still in their uptrends, but need to watch their supports.
It is the opposite for the US Dollar (.DXY) Index at 91.96 that remains in a downtrend, so need to watch the resistance at 92.50.
EUR (Euro) 1.1965 says that there are 2 possibilities from here; either sustained rise past 1.2035-50, or range trade between 1.2000 and 1.1850. The 1st 3 days this week looks quiet, waiting for the FOMC on Wednesday. Note: The overall uptrend remains intact while above 1.1850.
Sterling (GBP) at 1.3515 saw some profit taking after marking a new high at 1.3619 Monday. May be a greater chances now for a dip to 1.3450. Importantly, watch the long-term resistance at 1.38.
USD/JPY at 111.55 may rise towards 113.50 over the next couple of weeks. The path North is being cleared by the rise in EUR/JPY at 133.45 is well above resistance at 133.
Watch Support at 0.7960-50 on AUD at 0.7965 which has not been able to build on its rise above 0.80 Yet. Still, the uptrend remains intact while the support holds, and must be watched carefully.
USD/CNY at 6.5917 is up over 6.5750 and is within striking distance of the resistance at 6.60.
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