EURUSD up slightly with market to be cautious upon waiting for Powell’s testimony later today and rather sluggish move on UST yield despite of higher US stock. The Eurozone Confidence index and German CPI as well as US durable goods order, trade balance might also have some intraday impact with support at 1.2280 and resistance at 1.2400 still prefer to keep buying on dips with tight stop strategy.
USDJPY slightly up with higher Nikkei and DJI, also with more steady move of UST yield. The exporter hedge selling on the topside remains capping any meaningful rebound and market remains cautious on Powell first testimony later. The US data and stock/bond market move will also have some intraday impact with support at 106.50 and 106.20 with resistance at 107.15-20 to prefer still the selling on rallies with tight stop strategy.
GBPUSD going down to 1.3929 overnight after failing to sustain above 1.4050 and some pullback effect with cross selling. The US data and stock/bond market move as well as Powell testimony will still dominate the intraday action with support at 1.3930 and resistance at 1.4050 to still prefer in choppy range trading pattern continuation.
USDCHF grids up slightly on higher USDJPY and EUR retrace as the higher on EURCHF also indirectly supporting the pair. The US data and stock/bond market move will have some intraday impact with support at 0.9335 and resistance at 0.9410 to still preferring in range trading with tight stop strategy.
EURJPY higher slightly after USDJPY rebound off to low. And a higher Nikkei helping some risk sentiment effect but market remain to focus on the direct USD dealing and cross rather than the passive response in short term. The US data and stock/bond market move might have some intraday impact with support at 130.90-00 and resistance at 132.00-10 to prefer keeping sell on rallies with tight stop strategy.
EURGBP grids up on usual month end demand and the long unwinding broad GBP cross overnight. The Eurozone confidence data, German CPI and US durable goods orders, trade balance as well as Powell testimony might have some intraday impact with support at 0.8780 and resistance at 0.8840 and 0.8880 still to prefer buying on dips with tight stop strategy.
GOLD retraces slightly on the slightly broad USD rebound and higher US stock despite of the slightly UST yield retrace. The US trade balance, durable goods orders and Fed’s Chairman Powell first testimony might direct the intraday move with support at 1332-33 and resistance at 1343 and 1350 still prefer keeping buy on dips with tight stop strategy.
Silver retraces slightly in the same direction with GOLD and the broad USD recovery adding some pressure for the metal. But market remains cautious ahead of Powell testimony and any surprise will driven the move more widening. Also US trade balance, durable goods order and stock/bond market move will also have some intraday impact with support at 16.65 and resistance at 17 still to prefer keeping buy on dips with tight stop strategy.