 Dollar remains generally weak today as recovery attempts faltered quickly. Though, selling remains centered against European majors and Yen. FOMC monetary policy decision is a focus today but it's unlikely to give the greenback any sustainable support. Overall, major pairs and crosses are bounded inside yesterday's range, though. Gold and silver are also consolidating below yesterday's spike highs. Technically, Dollar's declines are losing downside momentum as seen in 4 hour MACD of EUR/USD, USD/CHF, USD/CHF and USD/CAD. But we'd maintain that some minor levels need to be violated before the first signs of short term bottoming in the greenback. The levels include 1.1681 minor support in EUR/USD, 1.2838 minor support in GBP/USD, 0.7063 support in AUD/USD, 0.9230 minor resistance in USD/CHF, 105.68 minor resistance in USD/JPY and 1.3445 minor resistance in USD/CAD. In Asia, Nikkei closed down by 1.15%. Hong Kong HSI is up 0.41%. China Shanghai SSE is up 2.04%. Singapore Strait Times is down -0.19%. Japan 10-year JGB yield is down -0.0038 at 0.022. Overnight, DOW dropped -0.77%. S&P 500 dropped -0.65%. NASDAQ dropped -1.27%. 10-year yield dropped -0.028 to 0.581, below 0.6 handle. |
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