Fresh easing of the US dollar in early US trading on Monday, obstructs again attempts to eventually break above multi-day congestion.

Fresh bulls from last Friday’s rally, which generated positive signal on bullish outside day, are still in play and underpinned by north-heading 10SMA, but lack stronger momentum.

Break above key barrier at 108.90 (Fibo 38.2% of 110.67/107.81, reinforced by falling 20SMA) is needed to generate bullish signal for stronger recovery.

On the other side, 10SMA marks initial support at 108.41, loss of which would weaken near-term structure, with extension below 108.16 (Thu/Fri lows) to shift near-term focus lower.

Directionless mode may extends as markets await signals from FOMC meeting on Wednesday.

Fed is widely expected to keep rates unchanged but dovish shift cannot be ruled out on rising concerns about global growth slowdown.

Res: 108.72; 108.80; 108.90; 109.24
Sup: 108.41; 108.16; 108.00; 107.81



The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD consolidating its losses amid Brexit and trade uncertainty

EUR/USD is off the weekly highs but holds onto 1.11 amid uncertainty about the Brexit process and doubts that the US and China can reach a deal. Tension toward the ECB meeting mounts.


GBP/USD attempting to recover after parliament slowed down the Brexit process

GBP/USD is moving up toward 1.29, trying to recover after parliament rejected the fast-track process that PM Johnson wanted for approving his Brexit deal. An extension to Article 50 and elections are on the cards.


USD/JPY struggles below mid-108.00s, over one-week lows

The Greenback held weaker against its Japanese counterpart, with the USD/JPY pair struggling below mid-108.00s, or over one-week lows set earlier this Wednesday.


Cryptocurrencies price prediction: Bitcoin Cash, Ethereum & IOTA

The crypto market is bleeding across the board. Major cryptos like Bitcoin and Ethereum fall overnight while Bitcoin Cash engaged the reverse gear during Wednesday’s European session.

Read more

Gold: Clings to gain near the top end of 2-week old trading range

Gold gained some follow-through traction for the second consecutive session on Wednesday and is currently placed at the top end of a near two-week-old trading range.

Gold News

Forex Majors