Forex Morning Briefing

$DXY, $EUR, $JPY, $GBP

Commentary: USD weakness persists seems to have halted. PE

The US Dollar (.DXY) Index at 93.221 bounced from support near 92.50-92.70 with 3 days of continuous rise. The markets have thus shrugged off the possibility of further immediate USD weakness and we could see the index trading between a range of 92.25 to 93.75 in the next 2 weeks.

Note: A more solid view on whether USD will see a sustained phase of strength or weakness would depend on .DXY breaching resistance around 93.5 or support around 92.25-92.50 respectively in the next week or 2.

EUR (Euro) at 1.1851 is capped by resistance at 1.19 on the weekly, and is now likely to move further down near term towards support at 1.1825 on the daily, a break of which could push it down to test support at 1.1775 on the weekly.

Note: Prudence says wait and watch if EUR goes below 1.1775 or rebounds above 1.19, before commenting on its weakness or strength.

USD/JPY at 111.42 has moved up on USD strength seeing a halt, this rebound of the Japanese Yen has created a new support for it on the daily at 111.25. It could trade between resistance around 111.75-112.00 and support at 111.25 in the next few sessions, before a solid view on USD strength moves it above or below the range.

Sterling (GBP) 1.3368 has broken resistance on daily at 1.335 and seems poised for an upmove to 1.34-1.3415, from where there could be a dip.

Stay tuned…

.DXY, AUD, Bullish, consolidation, direction, EUR, forex, GBP, jpy, pairs, range

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.