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EUR/USD lower slightly on broad USD strength but will see moderate support for EUR


EUR/USD lower slightly on broad USD strength and still small concern for Spain’s Catalonia situation but overall heading for ECB meeting will see moderate support for EUR (market expect taper starts Jan 2018 with bond purchase amount reduce to EUR30 Billion and extension to 9 months) and sound Eurozone economic data recently also support the pair, today NZ holiday and earlier Asian session in orderly and slow move, later US Chicago Fed National Activity index will have some impact, support at 1.1735 and 1.1700 with resistance at 1.1820 and 1.1850; today prefer keeping buy on dips with tight stop strategy.

USD/JPY high on Abe get a big win in election (312 seats in total with LDP 289 seats and Komeito 29 seats) that above the 2/3 majority and victory proving the way for constitutional reform further economic stimulus and consumption tax hike in Oct 2019 that BOJ policy will keep extension more powerfully, Nikkei gains in 15th consecutive days (+1.11% at 21696.65) also adding more support for USDJPY, that earlier driven USDJPY to 3 months high 114.07 before some profit taking sending it pullback slightly, overall uptrend remains intact in short-term, today US data and stock/bond market move will have some intraday impact, support 113.50 and 113.10 with resistance at 114.10 and 114.50; today prefer to buy on dips with tight stop strategy.

GBP/USD starts higher slightly but basically around NYC (1.3287) consolidation and EU summit still refuse to enter 2nd phrase negotiation talk but agree to have some preparatory works with May still try to get any progress, this Wed UK GDP will have some impact ahead of next week BOE meeting (market expect hike rate 0.25%) and some short covering for GBP and GBP cross helping GBP recovery slightly but overall uncertainty still capping the topside, today US data and stock/bond market move will have small intraday impact, support at 1.3150-60 and resistance at 1.3230-40; today prefer in range trading with tight stop strategy.

USD/CHF around NYC (0.9845) moving in tight and slow pattern earlier, little incentive for moving either side with steady EUR and slightly higher EURCHF cross, today US data and stock/bond market move will have some intraday impact, support at 0.9810 and resistance at 0.9870; today prefer keeping in range trading with tight stop strategy.

EUR/JPY around NYC (133.70) in tight move despite firm USDJPY after Abe big win in election, stock higher also adding more positive risk sentiment and will still support the cross, today US data and stock/bond market move will have some intraday impact, support at 133.40 and resistance at 134.10 (Tokyo high) and 134.50; still prefer buy on dips with tight stop strategy.

EUR/GBP lower on GBP short covering after EU summit with slightly progress that EU will agree to have some preparatory works for Dec negotiation talk and news of Theresa May increase the divorce bill amount to EUR 40 billion as well, today fewer data from Eurozone and UK side will see some steady move but technical oversold and some rebound still cannot be ruled out, support at 0.8900 and resistance at 0.9000; today prefer keeping buy on dips with tight stop strategy.

GOLD lower on broad USD strength with higher US stock, UST yield and also with market speculating next Fed Chairman and possible tax reform bill will pass in the year effect, consistency physical demand on lower side will still support the GOLD and overall expect more base building in near-term and later US Chicago Fed National Activity Index as well as stock and bond market move will have some intraday impact, support at 1270 and resistance at 1285; still prefer keeping buy on dips with tight stop strategy.

SILVER lower slightly with the broad USD strength and GOLD lower effect but overall trend still remain constructive in short-term, today US data and stock/bond market move will have a small intraday impact, support at 16.9 and resistance at 17.45; today prefer to buy on dips with tight stop strategy.


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