EUR/USD consolidates gains amid USD weakness – USD/JPY flat around 108.60s

USD/JPY

USD/JPY trading with a fraction of a percentage point to the downside, having stuck to a narrow 10-pip range between 108.60 and 108.70 so far. Fundamentally, USD/JPY has been capped on market’s presuming a soft dollar policy from the US administration. USD/JPY is expected to find support at 108.47 and a fall through could take it to the support level of 108.32. On the other side, resistance stands at 108.75 and a rise through could take it to the level of 108.91.

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EURUSD

EUR/USD is consolidating its gains closer to 1.11 amid scepticism that US-Sino trade talks will end successfully. The US Dollar has been on the back foot, while President Trump pressured Fed Chair Powell regarding rates. EUR/USD is expected to find support at 1.1068 and a fall through could take it further to the support level of 1.1054. On the other side, resistance stands at 1.1088 and a rise through could take it to the next resistance level of 1.1108.

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GBPUSD

GBP/USD is holding onto gains below 1.30 as UK PM Johnson and Labour’s Corbyn prepare for a televised debate. The Conservatives however, have a solid lead. GBP/USD is expected to find support at 1.2930 and a fall through could take it to the next support level of 1.2908. On the other side, resistance stands at 1.2980 and a rise through could take it to the next resistance level of 1.3010.

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GOLD

Gold is currently trading between a range of $1,470.00 and mid-$1,475.00, buoyed by a slightly risk-off session overnight following Sino/US trade deal headline’s and pessimism as well as a weakening in the greenback and US yields. Gold is expected to find support at 1,466.00 and a fall through could take it to the support level of 1,462.00. On the other side, resistance stands at 1,475.10, and a rise through could take it to the level of 1,478.80.

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