Rosentray's Daily Commentary

[rosentray]

GBP/JPY has been going up and down for the past few weeks with price fluctuating between 138 and 142 for a Pound. The pair is now trading at 140.26 and appears to be caught in a narrow range between the support and resistance levels on the short-term.

First and immediate support is seen at 138.80 which is also a double bottom, second support line is seen at 136.40 and third level rests at 135. On the other hand, the resistance levels are R1: 141.00, R2: 142.75, R3: 145.00.

The future of the UK remains unclear as major political events are yet to unfold. They will serve as an indicator for future performance and will shape the expectations of the market participants.

If PM Shinzo Abe decides it's again time to devaluаte the Yen, then GBP/JPY will continue on it's way up.

 

[rosentray]

EUR/USD is again depreciated and going towards 1.05 level. If that level is breached, major bear target is seen at 1.0340 and immediate support at 1.0480.

 

[rosentray]

EUR/USD is trading relatively unchanged today gravitating towards 1.0520 in anticipation of the latest ISM Non-Manufacturing Composite data scheduled for later today. Another important market mover will be FED Chair Yellen's speech on the Economic Outlook.

 

[rosentray]

Gold and Silver are both down this week putting an end to their strong bull rallies. Both the precious metal suffered the sell off due to a possible rate hike in March. Gold is now trading at $1,227 while Silver is trading at $17.68.

 

[rosentray]

EUR/GBP reached the resistance zone on Friday and is still consolidating in the same range. The Euro reached a high of 0.8642 against the Sterling and is now trading at 0.8627. The pair made a good move to the upside from 0.8421 in the end of February but now it is facing a strong resistance on the short-term at current market price.

If bulls manage to power through 0.8650 there is a great chance the rally will continue to a major bull target at 0.90 in the long-term.

If bears take advantage of the weak volumes indicating a market turn, the pair might end up depreciating to a major bear target at 0.84.

No major EUR/GBP news are scheduled for today, so we might see a continuation of consolidation.

 

[rosentray]

EUR/USD is trading at 1.06 in the preopening hours of the European session today. The pair is consolidating around that level in anticipation of this week's events, namely the NFP and jobs data scheduled for Friday. Current market price 1.0599.

 

[rosentray]

USD/CHF appears to be caught in a range between 1.0140 and 1.0030. The pair has been consolidating since the beginning of February, right after it ended a short lived move to the upside going from 0.9870 to 1.0120.

The US dollar is now trading at 1.0116 for a Franc, again beating the Swiss currency on strong US fundamentals. The pair was below parity just for a few days before the US bulls took over and bought the dip.

Main trend on the short-term remains bearish with immediate target at 1.0140, a double bottom. On the long-term major bull target is seen at 1.0340.

On the other hand, if the US economy fails to provide data that meets the expectations, price will most certainly retreat to levels below parity with major bear target at 0.9850.

 

[rosentray]

EUR/USD has consolidated around 1.0580 in expectation of this week's data. Market sentiment is predominantly bearish for the pair with major target at 1.0490. Below that, bears would have the advantage of weak support and the opportunity to go to parity.

 

[rosentray]

EUR/USD reached lower today due to positive US data. The pair went to a low of 1.0532 and is now back up again above 1.0550 currently trading at 1.0560.

 

[rosentray]

GBP/JPY has been trading in a narrow range for the last few weeks with price gravitating between 140 and 138. The pair got a a boost by strong US data released today, which drove investors to short-sell the Japanese currency and move over to the strong dollar.

Today, GBP/JPY reached a low of 138.40 and was supported by the fundamentals thus reaching an intraday high of 139.61. However, the move to the upside was short-lived as price has now retreated to lower levels around 139.30.

Main trend remains neutral and market participants would need to go above 140.50 or below 138.50 in order for a trend to begin a formation.