USD/JPY neutral, still within 108.50/110.50 range – UOB

Pablo Piovano FXStreet

The pair’s near term outlook remains neutral, with the likelihood of a probable test of the upper end of the 108.50/110.50 range, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “Instead of trading sideways (as expected yesterday), USD broke above the 110.10 resistance and hit a high of 110.26. From here, the positive undertone could lead to a grind higher even though the major 110.50 resistance is unlikely to yield so easily. Support is at 109.90 but the stronger level is at 109.55”.

Next 1-3 weeks: “USD traded within relatively narrow ranges for the past couple of days and the muted price action offers no fresh clues. We continue to hold a neutral view even though on a shorter-term basis, the bias is for USD to probe the top of the expected 108.50/110.50 consolidation range”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD: Downward-sloping trendline near 1.3470 remains key barrier

The British pound faces selling pressure against its major currency peers, trading 0.1% lower at around 1.3420 against the US Dollar during the European trading session on Tuesday.

Euro clings to the bid bias above 1.1500

EUR/USD has picked up pace, reversing Monday’s decline and advancing past the 1.1500 barrier on Tuesday. In the meantime, hopes for a diplomatic solution to the Middle East crisis keep the US Dollar under modest downside pressure, helping spot in its recovery.

Bitcoin on-chain activity surges as Coldcard attack raises security concerns

Bitcoin on-chain activity has surged to its highest level of the year following attacks targeting Coldcard hardware wallets, according to a K33 report on Tuesday. The firm stated that 890,000 BTC were moved on-chain over the past week, marking a new yearly high.

RBI set to keep interest rates unchanged as inflation risks persist

The Reserve Bank of India is set to announce its bi-monthly monetary policy decision on Wednesday at 10:00 AM IST (04:30 GMT), another meeting coming at a time when uncertainty remains high over the duration and economic fallout of the ongoing Middle East conflict.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.