EURUSD stays in consolidation range of 1.2220-1.2290 last Friday. As the trend still depends on EUR cross and risk sentiment with Boao forum in processing for tomorrow’s China Xi speech. Some comments for China about studying YUAN depreciation worries that might widen the trade war risk to currency war risk again. Which will be sending more cautious in the market. Today no US data and stock/bond market move will still have some intraday impact. With support at 1.2220 and reisstance at 1.2285 and 1.2310, still prefer buy on dips with tight stop strategy.
USDJPY turning back gradually after failing to overcome the 107.50 resistance last week. As the risk sentiment remains driven the move in short term. Today no US data and stock/bond market might have small intraday impact. With support at 106.40-50 and resistance at 107.30-50 region, still to prefer sell on rallies with tight stop strategy.
GBPUSD goes up to 1.4117 earlier on some stop trigger above 1.41 with EURGBP break at 0.87 as well. But in rebounding move after lack of follow through on top. Today no US data and risk sentiment will still driven the intraday action. With support at 1.4035 and resistance at 1.4115, still prefer the keeping range trading with tight stop strategy.
USDCHF lowers gradually with EURCHF retraces back and lowering down of broad USD after the news of China to study lower YUAN in response to current trade friction with US. Switzerland unemployment rate decreases to 2.9% vs cons. 3% have little impact. Today no US data and stock/bond market move will have some intraday impact. With support at 0.955 and resistance at 0.963, still prefer the in range trading with tight stop strategy.
EURJPY around similar level with last Friday and risk sentiment still directs the short term trend with YEN cross staying in defensive mood as the stock market remains fragile. Today no US data and stock/bond market move will have small intraday impact. With support at 130.80 and resistance at 131.50, still preferring the in range trading with tight stop strategy.
EURGBP retraces down to 0.8695 in late Asian session with GBP firms up. And market remain to focus on current risk sentiment development, weekend UK press mention risk for Eurozone into recession that driven some selling on the cross earlier but the overall effect are much limited. Today no UK and US data and will watch the stock/bond market move for intraday direction. With support at 0.8690-00 and resistance at 0.8780, still to prefer the buy on dips with tight stop strategy.
GOLD stays in range consolidation with current fragile risk sentiment remains to have some support despite the future market showing last week some reducing long position. Today no US data and stock/bond market move will have some intraday impact. With support at 1323 and resistance at 1338, still to prefer in range trading with tight stop strategy.
Silver slightly higher with some GOLD / Silver selling and with support holding well around 16.20 which driven more upside rebound risk. Today no us data and stock/bond market move as well as risk sentiment development might direct the intraday action. With support at 16.20 and resistance at 16.65, still to prefer in range trading with firm bias strategy.