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Thursday, July 28th
USD/JPY
Current price: 104.56 (-0.8%)
Session range: Open 105.39 High 105.45 Low 104.48
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 103.59 R. 107.43
Main drivers: US Initial Jobless Claims
Overview: The pair came over significant selling pressure yesterday after FOMC statement, where Fed members provided more dovish comments sending the pair to this day lows near 105 level. Moreover, fresh risk aversion wave additionally has pressured the yen this morning. In absence of significant catalysts, traders will closely watch for developments around latest Japanese stimulus talks.
EUR/USD
Current price: 1.1102 (0.4%)
Session range: Open 1.1058 High 1.1104 Low 1.1050
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.0922 R. 1.1132
Main drivers: Prelim. German CPI, US Initial Jobless Claims
Overview: The pair is consolidating its gains after rally triggered by dovish FOMC statement released yesterday in late NY. However, Fed members in their comments announced that near term risks to the economic outlook have diminished and the economic growth is expanding in moderate pace. This announcement has triggered speculation between market participants of rate hike in September.
GBP/USD
Current price: 1.3198 (-0.2%)
Session range: Open 1.3222 High 1.3250 Low 1.3165
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.3014 R. 1.3338
Main drivers: US Initial Jobless Claims
Overview: The pound is performing price corrective moves over the last hours after overnight rally triggered by FOMC statement. However, downside moves are limited today as cable continues getting support from yesterday’s upbeat preliminary UK GDP with streak of weak releases from US.
USD/CAD
Current price: 1.3199 (-0.5%)
Session range: Open 1.3188 High 1.3191 Low 1.3111
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.3101 R. 1.3293
Main drivers: US Initial Jobless Claims
Overview: Today American dollar is losing position against its Canadian neighbor on the back of post Fed broad based US dollar’s weakness. The pair failed attempt to recover part of its loses triggered by softer oil prices and now is retreating to lows last seen 5 days ago. Yesterday EIA has shown sharp grow in US crude oil inventories weighing the commodity linked CAD.
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