Dukascopy Bank Team
Dukascopy Bank SA
"The dollar may not be able to defend its number one spot if the economic outlook turns negative, handing its top safe-haven place to the yen."
- State Street Global Markets (based on Reuters)
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Pair's Outlook
Investors sold the American Dollar on Monday, due to uncertainty emitting from the US political debates that day. As a result, the USD/JPY currency pair crossed the nearest demand area, represented by the monthly S1 and the 50% Fibo. However, a significant drop lower would still be an achievement, as it would imply a full-scale breach of the 100.00 psychological level. In turn, the 100.00 mark is reinforced by the weekly S1 and the Bollinger band, also indicating that a fall deeper down is highly improbable today. The base case scenario is a rally, but it is uncertain whether the Buck will be able to climb over the 100.75 level, with technical indicators unable to confirm the bullish scenario. -
Traders' Sentiment
Today 64% of traders are long the US Dollar (previously 63%), whereas the 61% of all pending orders are to buy the Buck (down from 63%).
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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