Intraday Forex Friday, November 19 (EURUSD, USDJPY, etc). Dollar headed for weekly gain against most currency pairs.


Hi everyone. This observation is made around 06:30 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Stock markets were mixed on Friday, as inflation remains front and center for investors. Oil market stays vigilant on prospect of coordinated action by the world's major economies to consider releasing some of their crude reserves,to lower global energy prices and help with economic recovery.
The greenback has been rallying since data showed last week that US inflation in October soared high while other indicators also suggested solid economic momentum.

I also does analysis for some other currencies. Read more on the website on TECHNICAL ANALYSIS and DAILY MARKET NEWS.

  • The euro last traded at $1.13536 on Friday, 0.16% lower since opening today, headed for 0.6% weekly losses and on course for its worst month since June.​
  • Although it has recovered after slumping to $1.12639 on Wednesday, the currency remains vulnerable as fundamentals and positioning swing to favour the dollar when the Federal Reserve surprised investors with a hawkish shift in tone. U.S. data has turned surprisingly strong just as doubts have arisen over the outlook for other major economies.​
  • By contrast, Europe is grappling with a new wave of COVID-19 cases and fresh restrictions to curb it, while the central bank is pushing back on pressure to raise rates. Pandemic situation in Europe is deteriorating after the 7-day incidence rate of new infections in Germany rose to a record of 337 per 100,000 people on Thursday.​
  • The EUR/USD has tried to begin to recover from the most recent sell-off. Although there are signs of selling activity in the recovery therefore a rally seems unlikely.​
Important Levels to Watch for:​
  • Resistance line of 1.14157 and 1.14947.​
  • Support line of 1.12577 and 1.11787.​

  • The Japanese yen weakened slightly, trading at 114.342 per dollar, and was headed for a weekly loss of about 0.30%, though it has also recovered since touching an almost five-year low of 114.967 a few days ago.​
  • Greenback's rally paused, as sensitivity to oil prices also keeps the safe haven yen in check.​
  • The yen remains under pressure on central bank divergence, with the Fed expected to tighten monetary policy well before the BoJ.​
  • Japan reportedly prepared for new stimulus package of $490 billion to cushion the economic blow from the COVID-19 pandemic, bucking a global trend towards withdrawing crisis-mode stimulus measures and adding strains to its already tattered finances. The government will announce details of the package after it is signed off at a cabinet meeting later Friday.​
Important Levels to Watch for Today:​
  • Resistance line of 114.992 and 115.389.​
  • Support line of 113.707 and 113.309.​

For analysis of USDCHF, GBPUSD and other insight into the market, read more on the WEBSITE or click on TECHNICAL ANALYSIS and DAILY MARKET NEWS.