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Friday, July 29th
USD/JPY
Current price: 103.61 (-1.6%)
Session range: Open 105.28 High 105.65 Low 102.70
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: High
Support and resistance levels: S. 102.81, R. 105.68
Main drivers: Prelim. US GDP
Overview: Today yen is experiencing massive volatility showing more than 250 points movement range on the back of BoJ Monetary Policy Statement held in Asia. The pair spiked the level of 105 with highest point of 105.65 and then dipped for almost 300 pips below 103.00 spot despite BOJ’s latest disappointing decision to increase ETF purchases. Moreover, BOJ held the interest rates unchanged at -0.1% against estimated -0.15% adding fuel to the fire this morning. Today the pair will keep its high volatility mode following the latest developments surrounding Japanese economic.
GBP/USD
Current price: 1.3194 (0.2%)
Session range: Open 1.3163 High 1.3218 Low 1.3148
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.3043 R. 1.3305
Main drivers: Prelim. US GDP
Overview: The pound is trading on firm note against its American counterpart on the back of softer tone of US currency across the board. Currently the pair is consolidating its positions near the level of 1.3200 after yesterday’s recovery. However, pair’s actions are limited lately, as traders remain cautious ahead of BoE policy easing measures that most likely will be announced at the August meeting.
EUR/USD
Current price: 1.1092 (0.1%)
Session range: Open 1.1076 High 1.1103 Low 1.1072
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.1014 R. 1.1150
Main drivers: Prelim. EU CPI, Prelim. US GDP
Overview: The pair is back below the level of 1.1100 performing price corrective move. However, shared currency is gaining more than 2 cents against American dollar from this Monday’s low witnessed near the area of 1.0950. Moreover, today the pair most likely will keep moving in north direction as huge sell-off in dollar’s cross with yen brings new wave of bullish pressure to the pair.
USD/CHF
Current price: 0.9780 (-0.3%)
Session range: Open 0.9809 High 0.9816 Low 0.9771
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 0.9750 R. 0.9894
Main drivers: Prelim. US GDP
Overview: The pair has retreated from multi-week highs posted on Wednesday and now is expanding its two-week lows, as dollar remains weak after dovish Fed monetary policy statement. Moreover, today the dollar will keep its bullish momentum against its major counterpart fueled by BOJ announcement dragging the pair below the level of 0.9800.
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