 Yen and Swiss Franc are so far the strongest ones for this holiday week. But trading is rather subdued in Asia, as part of the region are still on holiday. Activity will likely remain low in European session with Germany, UK and Swiss on holiday today. The markets might come back to life again later in the US session though. For the month, it's obvious that Yen and Swiss Franc are the strongest ones on risk aversion, globally. Euro is the third strongest as somewhat helped by resolution in Italy budget. Australian Dollar led other commodity currencies lower. Dollar has been mixed despite all the US political headlines. Technically, USD/JPY's break of 110.75 fibonacci level now put 109.76 support into focus. Decisive break there will confirm bearish trend reversal. There is still some distance away, but EUR/JPY might have a take on 124.08 key long term support. GBP/JPY, now at 140.21, is already eye equivalent key support at 139.29. Reactions to 139.29 in GBP/JPY might shed some lights on how deep USD/JPY and EUR/JPY could fall to. Australian Dollar is another interesting one to watch. AUD/USD, now at 0.7043, is close to 0.7020 low and break will resume down trend from 0.8135 to 0.6826 key support. EUR/AUD, now at 1.6194, is also heading to 1.6357 resistance and break will resume medium term up trend. |
No comments:
Post a Comment