EURUSD lower overnight on strong USD trend continuation but oversold technical and UST yield stays under 3% together with some pullback of DJI which still capping USD topside. Today Eurozone GDP and Unemployment Rate, US ADP Employment Change data, ISM NY index as well as FOMC (expect rate unchanged at 1.75% and policy statement without surprise) and stock/bond market move will dominate the intraday action. With support at 1.1950 and 1.1980 with resistance at 1.2050 and 1.2110, still prefer the in range consolidation pattern.
USDJPY grids up on continuing higher USD effect but yield capping and stock retrace (DJI -64 Nikkei -35) might driven some profit taking selling ahead of Japan Thurs and Friday holiday. Today US ADP employment change, ISM NY index as well as FOMC meeting and stock/bond market move might have some intraday impact. With support at 109 and resistance at 110, still slightly prefer the sell on rallies with tight stop strategy.
GBPUSD down sharply overnight for uncertainty on Brexit after Lord of house defeats May’s cabinet proposal as well as lower than expected Manufacturing PMI data (53.9 cons 54.8). But technical oversold and most of the bad news are priced at current level will see some risk for technical rebound. Today UK Construction PMI (cons 50.5, prior 47) and US data as well as FOMC meeting, stock/bond market move will have some intraday impact. With support at 1.3580 and resistance at 1.3670 and 1.3730, still to prefer buy on dips with tight stop strategy.
USDCHF grids up on strong USD trend and lower EUR effect. But EURCHF capping under 1.2 and some correction risk might slow down the upside run and expect some sideway consolidation for today more likely.
EURJPY around similar level from yesterday with steady risk sentiment despite of stock retracing slightly. As stable UST yield also driven more sideway move for the cross. Today US data and FOMC meeting are the daily focus and will have some intraday impact. With support at 131.60 and resistance at 132.40, still preferring in range trading with tight stop strategy.
EURGBP grids up on weak UK Manufacturing PMI and more uncertainty for Brexit remains. Broad USD strength are rather have less impact for the cross in short term. Today Eurozone GDP, unemployment rate, UK construction PMI might have some intraday impact. With support at 0.879 and resistance at 0.8880, still to prefer keeping buy on dips with tight stop strategy.
GOLD tests year low overnight to 1302.13 before rebounding with some sign for double bottom if price goes over 1320 close. Today US ADP employment change, ISM NY index and FOMC meeting (expect rate unchanged at 1.75% and policy statement nothing much surprise) will direct the intraday action. With support at 1302 and 1305 with resistance at 1313 and 1317, still slightly prefer the buy on dips with tight stop strategy.
Silver coming up slightly on overnight holding above 16 handle (Low 16.0925) and some technical rebound risk remains. Today US data and stock/bond market move will have some intraday impact. With support at 16.2 and resistance at 16.7, still to prefer buy on dips with tight stop strategy.