News analisis

United Kingdom NIESR GDP Estimate (3M) remains unchanged at 0.9% in June.

USD/JPY slips further, fresh 4-day low

US session opened and is doing no good to recent dollar strength, with the USD/JPY at fresh 4-day lows below the 101.60 mark. DJIA is already 100 points lower...

US session opened and is doing no good to recent dollar strength, with the USD/JPY at fresh 4-day lows below the 101.60 mark. DJIA is already 100 points lower –its earning season which promise much action will came from that front these days- while yields are also down on the day, 4.5bp. Yen has been outperforming since early Asian opening, taking the lead along with Aussie against the greenback.

Technically, the pair maintains a strong bearish tone according to Valeria Bednarik, FXStreet chief analyst, as “the hourly chart shows price extending below 200 SMA, with momentum heading south in negative territory, supporting a downward continuation” according to her forecast, “yet if pressure remains and US stocks extend their decline, the slide can quickly extend down to 101.20 price zone” while next support comes in the 100.70 area, this year lows. 101.60 has become now immediate resistance, followed then by 102.00 figure.

EUR/USD jumps to daily highs on falling yields

The EUR/USD turned positive in the day as the US dollar selling has intensified amid US yields slip.

The EUR/USD turned positive in the day as the US dollar selling has intensified amid US yields slip.

The Euro advanced 25 pips from 1.3585 to break above the 1.360 level and trade as high as 1.3615 where the 200-hour MA stands.

"Sliding US yields are helping undermine the Greenback," comments Jamie Coleman from FXBeat. "From near 2.70% on Thursday after the US employment report, we've fallen to 2.58% today. That's down an additional 3.5 bp from yesterday's close."

Currently, EUR/USD is trading at 1.3612, up 0.06% on the day, having posted a daily high at 1.3614 and low at 1.3588. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.

EUR/USD levels

"Offers remain in the 1.3610/20 zone but stops are mixing in around 1.3615 from short-term specs," points out Coleman.

Above the 1.3615, the EUR/USD would face resistances around 1.3645 and 1.3700. On the downside, supports are at 1.3610, 1.3585 and 1.3575.

USD/CAD finds support at 1.0670

After being rejected at July's highs around 1.0695, the USD/CAD traded lower to find support at 1.0670 where the pair continues to price in consolidation mode around 1.0680.

After being rejected at July's highs around 1.0695, the USD/CAD traded lower to find support at 1.0670 where the pair continues to price in consolidation mode around 1.0680.

Currently, USD/CAD is trading at 1.0678, down 0.06% on the day, having posted a daily high at 1.0696 and low at 1.0668. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.

USD/CAD levels

If the pair rises above 1.0680, it would face further resistances around 1.0695 and 1.0695. On the downside, supports are at 1.0670, 1.0660 and 1.0620.

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