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  • Writer's pictureMike Paterson

Someone's pressed the pause button again

Wednesday 25 August 2021

RIP Charlie Watts

No need to write anything different to what I posted to open yesterday's update "Forex pairs ranging again as the jury remains out on the Fed but risk appetite remains fragile with both COVID and Afghanistan still casting an ugly shadow."

If I tempt the Forex gods into action by repeating that then I will not be unhappy.

Patience and discipline in trading are key as ever and not being greedy.Some good two-way pips to be had so picking your moments and levels are more important than ever. Recent moves were extended in recent range terms as I warned last week so some consolidation is only to be expected.

GBPUSD: A good cap still at 1.3750 and more re-sells placed after banking pips on yesterday's failure to hold below 1.3700. I remain a rally seller while keeping an eye on EURGBP and GBPJPY as always.EURGBP: Still supported around 0.8540 but sellers poised at 0.8565 and 0.8580-85 again.GBPJPY: A good hold of 150.00 after capping at 151.00 amid the variable risk and USD tones for core pairs.

I remain a GBP rally seller across the pairs but being patient as ever. These are risk sentiment markets and ever fickle so good/tight position management essential.

EURUSD: Broke up through 1.1750 but failing above 1.1760 and re-sells duly placed but support now coming in at 1.1730 with larger interest at 1.1700 amid some option interest there through the week. USDJPY: A good hold of 109.40 but rally ran out of steam into 109.90.Downside limited to 109.60 for the time being. EURJPY: 129.00 resistance being tested again after a hold of 128.60 amid the tight range variable risk tones.

USDCHF: A failure now above 0.9150 after holding 0.9110 with the SNB ever vigiliant. EURCHF: 1.0750 now capping after holding 1.0700 again then 1.0720 with SNB shadow ever present.

AUDUSD: 0.7270 now proving decent resistance for the moment after holding 0.7220-30 and breaking back up through 0.7250. USDCAD: A good hold of an old line at 1.2580 but equally finding sellers above 1.2620 and the pair seems tired after last week's extended move higher. CADJPY flows still very much in play amid the fragile risk.

Let's continue to be careful out there in all things. Staying safe must be our main priority still.

Interbank rates: 08.46 BST

GBPUSD 1.3722

EURUSD 1.1738

EURGBP 0.8554

GBPEUR 1.1689

GBPJPY 150.57

GBPCAD 1.7294

GBPHKD 10.6957

GBPZAR 20.5171

USDJPY 109.74

EURJPY 128.79

EURCHF 1.0727

EURHKD 9.1503

AUDUSD 0.7250

USDCAD 1.2613

USDCHF 0.9138

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