Weekly FX Market Comment
EUR/USD.. .1.0825. EUR went into consolidation last week & markets continue to be jittery over developments on war front. Still considering this down move as correction & it is a bit early to say if the down correction is over or not.. Supports are now at 1.0500, 1.0460 & 1.0320. As long as the last support contains the weakness EUR will retain the chances for resuming its uptrend towards 1.1125/1.1280/1.1335.Immediate resistances are at 1.0865/80 & 1.0910/20.
USD/CHF.. 1.3635. No change in view. It will take a while to know if up correction is over or not.Resistances are at 1.4060, 1.4105 & 1.4320. As long as Dollar remains below 1.4315/25 we cannot rule out the possibility of down move to 1.3155/1.3060/1.2930.
USD/JPY..119.21. Dollar still looks poised for test of 122.15 or 122.60/70. Supports are at 118.65 & 118.25.
GBP/USD..1.5765.No change in view. As suggested Cable went down to 1.5535. Resistances are at 1.5825 & 1.5885. As these hold one more drop to 1.5430/25 is on the cards.
Regards.
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