EURUSD in tight range overnight with EUR cross remains to dominate the action. Also market remain cautious on ahead of Italian’s election and Germany SPD vote this weekend. Risk sentiment remains fragile with UST yield consolidate at higher level as well as the stock market turning lower. Today the Eurozone, Germany, UK and US Manufacturing PMI and US personal income/spending, personal consumption expenditure as well as Powell speech and stock/bond market move will direct the intraday action. With support at 1.2185-90 and resistance at 1.2260-65, still prefer the in range trading with tight stop strategy.
USDJPY slightly grids down with US and Japan stock lowers down, also with the effect of YEN cross selling. Today the US data and stock/bond market move will direct the intraday action but the fiscal year end exporters hedging selling remain capping the meaningful rallies. With support at 106.50 and resistance at 107.15, still to prefer in range consolidation pattern continuation.
GBPUSD lowers down on Brexit concerns with the EU Exit bill draft which far different from Theresa May request that fails to met any agreement on first round negotiation. And harder to approach any progress risk for hard Brexit without transitioning period the worse scenario. GBP and GBP cross suffers and end up lowering but the short term oversold technical and 1.3750 are still supporting in short term ahead of 1.3700 with topside resistance at 1.3835-40. Still prefer in lower range consolidation pattern.
USDCHF goes higher in effect of lower EUR and higher broad USD index. Also EURCHF grids up to 1.154 which indirectly supporting the pair despite of lower US stock and steady UST yield. Today the US data and stock/bond market move will have some intraday impact. With support at 0.9420 and resistance at 0.9500-10, to still prefer in range trading with tight stop strategy.
EURJPY grids down gradually with both US and Japan stock market lowers down and with the effect of lower broad YEN cross. Today the Eurozone, Germany and US Manufacturing PMI, US Personal Income/Spending, Personal consumption expenditure and Powell speech as well as stock/bond market move will dominate the intraday action. With support at 130 and 129.70 with resistance at 130.50 and 131.00, still prefer the sell on rallies with tight stop strategy.
EURGBP gradually grids up with the steady EUR cross and weak GBP cross after Theresa May rejects the Brexit EU exit bill draft. And still no sign for any progress with risk for Hard Brexit which adding more pressure for GBP. Short term GBPUSD oversold will lead some stalling/consolidation with EURGBP might be in sideway consolidation before another attempt on upside. Today the UK and Eurozone Manufacturing PMI might have some intraday impact. With support at 0.8840 and resistance at 0.8910, still to prefer keeping buy on dips with tight stop strategy.
GOLD goes down further as USD index continues to rebound. And also with the higher level UST yield consolidation despite of lower US stock lower. Physical demand on lower 1300 still support the metal but overall the market still digest the hawkish Powell comments in effect with risk for 4 hikes chance in the year. Today the US Manufacturing PMI, Personal Income/Spending, Personal Consumption Expenditure, Powell speech and stock/bond market move will direct the intraday action. With support at 1310 and resistance at 1320, still prefer the in range consolidation pattern.
Silver around similar level from yesterday and some consolidation in short term higher likely, in effect with GOLD slightly grids lower and broad USD index recovery. Today the US data and stock/bond market move will direct the intraday action. With support at 16.25 and resistance at 16.45-50, still to prefer in range trading with tight stop strategy.