8/6/2019 Forex Market Insight 23 June 2011

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8/6/2019 Forex Market Insight 23 June 2011

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 EUR/USD

GBP/USD

USD/JPY

The USD/JPY has finally broken out of its week-long trading range thanks to a burst of strength from the USD. This followethe US Fed’s rate decision and press conference. From here, traders are likely to favour the long side, with resistance seen a80.70 and then 81.10.

The GBPUSD was smashed lower overnight from resistance at 1.6250 after the BoE minutes were released. This saw thepound drop almost 200 pips overnight and suggests that the bears are in control of this market. From here, traders will belooking to take new shorts on any move back to 1.6100.

The Euro’s looking more bearish after last night’s statements from the US Federal Reserve. The heightened inflatioexpectations have produced some greenback strength and this has caused the EUR/USD pair to weaken. This suggests thmedium term downtrend in back in place and short-term targets are to 1.4200.

Resistance

1.4440

Support

1.4200Market Sentiment

Bearish

Resistance

1.6080/100

Support

1.6000Market Sentiment

Bearish

Resistance

80.70

Support

80.35/40Market Sentiment

Bullish

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 SILVER 

USD/CHF

GBP/JPY

The GBP/JPY traded perfectly overnight, rejecting resistance at 130.40 and tumbling back to 129.00. This followed the Bominutes that suggested the central bank was now less likely to raise rates. For now, the market is keeping a close eye on th129.00 level as any move below this level is likely to see selling.

The dollar-Swiss has benefited from the overnight strength in the greenback and has clearly bounced from support down a83.30. For now, the market expects a move back to the top end of the range, at 85.50, at which point we are likely to see thesellers head back into the market.

Traders had multiple opportunities to get long at support at 36.00 over the last 24 hours with the short-term price movemencapped at 36.60. While silver remains above 36.00, the picture remains bullish, and a break of 36.60 is likely to see continuation of the gains.

Resistance

36.60

Support

36.00Market Sentiment

Bullish

Resistance

85.50

Support

83.30Market Sentiment

Bearish

Resistance

130.40

Support

129.00Market Sentiment

Bearish

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