Rosen's Daily Commentary

[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.

 

[rosentray]

GBP/USD has been in consolidation ahead of activating the never-before-used article 50 that triggers a two year process of a country's decision to leave the European union. The UK prime minister, Theresa May, is expected to start the divorce this month.

The resolutions that will come out of the talks will, to a large extent, determine the future of the United Kingdom. All of this is being reflected in the GBP/USD pair as price has been trading around 1.2150-1.22 for the last few days.

There isn't a certain date when Article 50 will be triggered, so market participants are waiting in anticipation. The low volumes are expected to continue until we have something on the table.

Main support is seen at 1.20 while main resistance is way up at 1.27.

 

[rosentray]

EUR/USD is trading steadily in the early European hours today with price around 1.0540. First support is seen at 1.0532, while first resistance is seen at 1.06.

 

[rosentray]

EUR/USD continues to hover around 1.06 as market participants are expecting the latest NFP and jobs data. Price is expected to consolidate around current levels until the news release later today.

 

[rosentray]

Gold keeps going South as price has now gone below 1.5-month low at $1,196. Now it appears that the future of the precious metal could be determined by the Federal Reserve's decision to raise the interest rates. If next week the Fed does just that, Gold would most likely get hit harder. If not, Gold can hold up.

Today Gold went below the psychological level of $1,200 as bears did not even face a hint of resistance. Immediate support rests at $1,193, the Fib level of 61.8 falls on $1,176 and major support is $1,142.

If Gold is fortunate enough to stop at one of those levels, bull targets are seen at $1,230, $1,265 and $1,300.

It is also important to weigh Trump's policies as a factor that will likely shift the Fed's outlook.