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Today any surprises that directs broad USD move will influence GOLD direction


EUR/USD remain in tight range consolidation and price around similar level with yesterday, Trump announced Powell as next Fed Chairman as market expect and Fed gradually taper policy remain an interest rate path are consistent with little impact to USD overall, support at 1.1570 and 1.1600 with resistance at 1.1680 and 1.1735; today prefer keeping range trading with tight stop strategy.

USD/JPY around the same level with yesterday and Japan holiday slow down the move in the Asian session and market remain cautious ahead of NFP data later, bullish trend remains unchanged in short-term on yield differential and policy divergence, support at 113.70-75 and resistance at 114.50; today prefer to buy on dips with tight stop strategy.

GBP/USD lower after dovish hike by BOE yesterday as expected and statement remove further rate hikes wordings driven more steady rate in future and that leading heavy selling pressure for GBP and GBP cross, short-term bearish trend remain under 1.32 but today US NFP data will also have some intraday impact, support at 1.30 and resistance at 1.3100 and 1.3130; today prefer keeping sell on rallies with tight stop strategy.

USD/CHF unchanged around parity stalling and most linked with EUR movement in short-term, EURCHF also steady and stock market stay higher will still support risk sentiment and helping the pair in short-term, today US NFP data and stock/bond market move will have some intraday impact, support at 0.9965 and resistance at 1.0030 and 1.0100, still prefer keeping buy on dips with tight stop strategy.

EUR/JPY around similar level with yesterday on both EURUSD and USDJPY sideway consolidation overnight effect, stock steady and risk sentiment remain healthy will still constructive for the cross, today US NFP data the key focus and will direct the intraday move, support at 132.40-50 and resistance at 133.50; still prefer buy on dips with tight stop strategy.

EUR/GBP high overnight on weak GBP effect and “Sell on Fact” after BOE dovish hike will still adding more support for the cross, today US NFP data will be the key intraday focus, support at 0.8860-70 and resistance at 0.8950 and 0.9000; still, prefer buy on dips with tight stop strategy.

GOLD around similar level with yesterday and sideway range consolidation remain ahead of US NFP data (expect 312k, unemployment rate 4.2%, average hourly earnings +0.2%) and any surprise will direct the broad USD move and influence the GOLD direction, a strong number will add more pressure for GOLD and vice versa, overall GOLD remain in large range 1260-1300 consolidation pattern and global uncertainty risk remain with physical demand consistent support GOLD on lower side as well, support at 1265 and resistance at 1285; today still prefer to buy on dips with tight stop strategy.

SILVER in tight move overnight with the sideways consolidation of the same direction of GOLD and broad USD consolidation also driven less incentive for either side move, today US NFP data are major focus and any surprise will leading more choppy movement, support at 16.75-80 and resistance at 17.45-50; today prefer to buy on dips with tight stop strategy.


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