EUR/USD remain in familiar range with nothing much incentive to break either side, earlier German wholesale price index (m/m 0% cons 0.4% y/y 3% prev 3.4%) have little impact and no US data today and expect more EUR cross-correlation movement remains, support at 1.1600 and resistance at 1.1680-90; today prefer keeping range trading with tight stop strategy.
USD/JPY consolidate on Friday with some basing process remain but overall yield and central bank policy divergence might still support the pair on the lower side, today no US data and expect more stock/bond market driven market, support at 113.20-25 and resistance at 114.20; today prefer to buy on dips with tight stop strategy.
GBP/USD lower on Breixt concern (weekend French press mention Barnier sees EU preparing for possible collapse of Brexit talk) and also with the talk of knives out for Prime Minister Theresa May (Sunday Times reported that 40 conservative MP’s have agreed to sign a letter of no confidence in the UK PM, almost enough to trigger a leadership challenge – need 8 more PMs) and that leading the GBP down in Asian and earlier session. PM May’s Brexit legislation will be debated in the House of Commons this week will add more choppy and whippy move for GBP; support at 1.3020 and resistance at 1.3130; current level prefer to sell on rallies with tight stop strategy.
USD/CHF well supported above 0.99 on Friday and overall broad USD recovery of GBP leading will support the pair today and yield differential also support the currency with EURCHF regains above 1.1600 handles also indirectly support the currency; support at 0.9930-40 and resistance at 1.0030; today prefer to buy on dips with tight stop strategy.
EUR/JPY higher slightly on broad EUR cross recovery as well as USDJPY steady effect despite slightly down 1.32% today and no US data today will expect more risk sentiment-driven market as well as the broad USD move effect, support at 132 and resistance at 133.00-10; today prefer to buy on dips with tight stop strategy.
EUR/GBP higher on GBPUSD weakness with more market concerns with Theresa May leadership as well as the worry of ongoing Brexit negotiation talk effect, today no US data and expect more trend following and GBPUSD correlation move market, support at 0.8870 and resistance at 0.8945; today prefer to buy on dips with tight stop strategy.
GOLD much neutral on starts after last week try topside fails and retrace back but holding well above 1270 handles, today no US data and stock/bond market move will have some intraday impact, Gold remains lock in block range of 1260-1300 and expect downside still supported by real money and physical demand with topside capping by profit-taking selling, today support at 1273 and 1268-70 with resistance at 1285-86 region, still prefer to buy on dips with tight stop strategy.
SILVER lower slightly with Friday long liquidation effect and earlier just stalling in tight range (16.8595-17.076) and short-term remains following GOLD and broad USD direction, today no US data and stock/bond market move will have some intraday impact, support at 15.80-85 and resistance at 17.20-25; today prefer to buy on dips with tight stop strategy.