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  • Writer's pictureMike Paterson

It's another rollercoaster ride for FX markets

Friday 20 July 2018

We've seen some fun and games as another week draws to a close with more action from the PBOC in China and Trump giving the Fed a slap on the wrists for hiking interest rates.

GBPUSD fell further after my report yesterday and posted lows of 1.2958 before rallying to 1.3038 on the USD selling following the Trump comments on interest rates. Immediate support/buying interest now around 1.3000 then 1.2950 still with more at 1.2930 and 1.2900.Sellers now poised around 1.3035 then 1.3050 and larger between 1.3080-3100 still.Keep selling the rallies.

EURGBP remains underpinned and has now broken up through 0.8950 to post 0.8958(GBPEUR down to 1.1163). Sellers poised around 0.8965 then larger between 0.8980-9000. Buyers now at 0.8930 then 0.8900 and 0.8875-80. Keep buying the dips.

EURUSD fell again but held the 1.1580 area I highlighted and been back up to 1.1674 on the US$ selling before retreating.Buyers lined up now around 1.1620 then more into 1.1600 and 1.1580 again. Sellers poised at 1.1680 then 1.1700-20.

USDJPY is still finding sellers as risk-off sentiment generally prevails amid equity market wobbles and those Trump comments plus Japanese exporters always happy to offload into the rallies.Buyers between 112.20-30 still, 112.00 then 111.80-85. Sellers now poised between 112.80-113.00, 113.20 and 113.50 where more barrier option interest lays in wait. USDCHF has fallen to 0.9972 amid the general US$ sales and  safen-haven CHF buyers helping to cap as I warned yesterday.

AUDUSD finally slid through 0.7350 to post 0.7318 after another look at 0.7400. More bids around 0.7320 and 0.7300 still where large barrier option interest lurks as I've highlighted for a while. Immediate sell interest between 0.7380-0.7400 again, 0.7420 and 0.7450 still. After a decent dip USDCAD is still trying to make its mind up with sellers at 1.3300 and 1.3320 with buyers now poised at 1.3230,1.3200 and 1.3180.

Fickle and volatile markets prevailing at the moment so get your orders in to take full advantage of these moves.

Have a great weekend out there one and all.

Interbank Rate 08.40 BST GBPUSD   1.3004 EURUSD   1.1641 EURGBP   0.8951 GBPEUR   1.1170 USDJPY   112.37 USDCAD   1.3257 USDCHF   0.9990 GBPAUD   1.7658 GBPCAD   1.7238 GBPCHF   1.3017 GBPZAR   17.4070 GBPHKD   10.0820 EURHKD   9.0260

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