FX Daily Hotline
The Euro sharply renewed its decline from the overbought May high versus the Swiss Franc yesterday. That short-term fall has now become oversold; as the December 2015 low at SF1.0778 comes under pressure. There is further support in that area, which stretches down to the November floor at SF1.0737; as well as the August platform at SF1.0714. With the oversold RSI, one would expect the single European currency to pause its decline thereabouts.
The British Pound has similarly become oversold against the Swiss Franc. Shedding 1.2% on Tuesday, the rate approaches support at the April floor at SF1.3415. Should that fail, next important chart support is not until the spiked early-2015 low around SF1.2500.
Sterling posted a 1.1% loss versus the Singapore Dollar. Here too, though, the short-term fall has become oversold; as prior support along S$1.9000 nears. Should this fail, however, the earlier 2013 floor at S$1.8508 will become the next target.
The UK unit appears a third straight day in the 'Losers' column versus the Japanese Yen. One would point out that the near-term decline is becoming oversold; near the mid-April/August 2013 floor at Y146.456. Therefore, a counter move before long would not be surprising.
The US Dollar has recorded a 1.2% gain versus the Norwegian Krone. The US currency has pushed up to probe the May ceiling at NK8.4065. If that barrier can be overcome, there will be a short-term base in place. The following targets will be around NK8.5000 and then NK8.6000.
The New Zealand Dollar lost 1% versus its US cousin on Tuesday. The Kiwi corrects from the overbought high at US$0.7148. The failed break over the prior highs also presents 'bull trap' fears for a further fall over the near term, possibly towards the US$0.6800-0.6700 region.
|USDGBP||US Dollar/British Pound||0.7084||+1.1%|
|BRLGBP||Brazilian Real/Pound Sterling||0.2034||+1.0%|
|ZAR||US$/South African Rand||15.3011||+0.9%|
|GBPUSD||British Pound/US Dollar||1.4114||-1.1%|
|NZD||New Zealand Dollar/US Dollar||0.6993||-1.0%|
|DXY||US Dollar Index||Rallies towards resistance at the 200-day MA. Potential base.||94.934||+0.6%||91.919/93.425||96.399/95.968|
|EUR||Euro/US Dollar||Falls from the 'Peak' KDR of 9 Jun towards the May low. Potential top.||1.1207||-0.8%||1.0822/1.1058||1.1616/1.1416|
|GBPUSD||British Pound/US Dollar||Falls from the 'Peak' KDR of 3 May (1.477); and 200-day MA. Approaches the Apr low.||1.4114||-1.1%||1.3836/1.4006||1.4969/1.477|
|CAD||US$/Canadian Dollar||Reverses up towards resistance at the 200-day MA. Potential base.||1.2872||+0.3%||1.2461/1.2655||1.3296/1.3219|
|JPY||US$/Japanese Yen||Tests the May low (105.55) and the Oct 2014 floor (105.23).||106.11||-0.1%||103.56/105.23||111.91/107.9|
|ZAR||US$/South African Rand||Reverses the correction from overbought, finding support at the 200-day MA.||15.3011||+0.9%||14.1152/14.6525||16.9874/16.4361|
|KRW||South Korean Won per 1 US Dollar||Fall from the early-2016 top reverses.||1173.2||-0.0%||1128.43/1151.42||1195.3/1199.65|
|CHF||US$/Swiss Franc||Pullback from overbought slows.||0.9633||-0.1%||0.9259/0.9444||1.0093/0.9956|
|EURGBP||Euro/Pounds Sterling||Rallies from oversold towards the Apr peak.||0.794||+0.3%||0.7305/0.7526||0.8117|
|EURJPY||Euro/Japanese Yen||Decline becomes oversold. Dips under the Feb 2013 low (118.73) during Tues.||118.92||-0.9%||116.47||126.47/124.65|
|EURCHF||Euro/Swiss Franc||Sharply renews the fall. Tests the Dec 2015 low (1.0778). RSI oversold.||1.0796||-0.9%||1.0737/1.0778||1.12/1.1129|
|GBPJPY||GBP/Japanese Yen||Decline towards the mid-Apr/Aug 2013 floor at 146.456 becomes oversold.||149.772||-1.2%||146.456/147.109/147.622||166.092/164.107|
|GBPCHF||GBP/Swiss Franc||Pullback from the overbought May high becomes oversold on the approach to the Apr floor.||1.3597||-1.2%||1.3415||1.4768/1.4613|
|CHFJPY||Sfr/Japanese Yen||Eases from the 50-day MA. Potentially reasserting the downtrend.||110.153||-0.0%||108.883||115.018/112.582|
|AUDJPY||Australian Dollar/Japanese Yen||Eases from resistance near the 50-day MA. Trades under the Feb floor (77.592) during Tues.||78.08||-0.5%||74.482||86.706/80.66|
|AUD||Australian Dollar/US Dollar||Counter move from oversold finds resistance at the Mar/early-top area.||0.7358||-0.4%||0.7109/0.7145||0.7849/0.7505|
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