Morning Briefing: Euro can rise to 1.05-1.06 eventually
|Most currencies look ranged just now within expected levels. Dollar Index has scope to fall to 105-104 while Euro can rise to 1.05-1.06 eventually. EURJPY is bearish for a fall to 144-142 while below 146.Pound and Aussie can rise towards 1.22/24 and 0.68-0.70 respectively while USDJPY can fall to 137/136 while below 140. USDCNY and USDRUB look ranged within 7.10-7.20 and 61.50-59.00 respectively. USDINR continues to look bullish while above 81.50 and has scope to rise to 82 or higher. EURINR can trade within 85-84 region for a while before a bounce towards 86 is seen in the medium term.
The US Treasury yields are trading lower in the early Asian session today. The view of seeing a fall to test their key supports remains intact. The German yields continue to fall in line with our expectation and are keeping intact our bearish view. The 10Yr and 5Yr GoI have come down and are poised at the lower end of their respective range. It will have to be seen if the yields will bounce from here and keep the range intact or will break the range and fall further.
Dow was closed yesterday. DAX has risen above the resistance at 14450 and has room for a further rise in the coming sessions. Nikkei has declined a bit but view remains the same to see a test of key resistance on the upside before reversing lower from there. Shanghai remains range bound. Nifty has risen above 18400 but could face intermediate resistance ahead of it.
Brent and WTI remains stable but has scope to fall further from the current levels. Gold has scope to target further upside while above the support at 1720. Silver has declined but bias remains bullish for a rise in the near term while above the support at 21.20/21.00. Copper too remains bullish for a rally in the coming sessions while above the support at 3.5.
Visit KSHITIJ official site to download the full analysis
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.