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  • Writer's pictureMike Paterson

Up "n" down and round and round we go. Again.

Monday 17 September 2018

Lots of uncertainty still across the hot topics of trade agreements, Brexit et al sees FX markets still in a bit of a whirl but none the wiser really.

GBPUSD rallied up to test 1.3150 on Friday but since been down to 1.3057 before finding buyers and moving back up to 1.3092 this morning amid some general US$ supply.Sellers poised around 1.3100 then 1.3120-30 again and 1.3150 still. Immediate demand now building at 1.3060 then into 1.3030 and 1.3000. I prefer to take advantage of the rallies to go short still but not getting greedy and happy to buy back in the dips while we continue to range.

EURGBP remains tightly bound, with 0.8880 support still holding and the 0.8930 resistance/sell area intact. Sellers initially poised into 0.8920 then 0.8930-35 still with more at 0.8950 with larger between 0.8980-00.Immediate demand around 0.8880 still, then 0.8850, 0.8820 and 0.8800.

EURUSD has retreated to 1.1616 having failed into the 1.1720-30 resistance area I highlighted again on Friday again but also found a few buyers this morning to post 1.1657 on the general US$ supply.Some sizeable option contract today at 1.1700 and 1.1760 will help cap any rallies if we get through immediate supply around 1.1660 then 1.1680. Buying interest building around 1.1620 still then 1.1600, 1.1580 and 1.1560

USDJPY remains tightly bound amid the global uncertainty on trade and future moves by the BOJ. Sellers poised around 112.20 again then 112.50 with buyers at 111.75-80 nd 111.50.Jury still remains out on USDCHF for the moment too with pair finding a few buyers to rally and post 0.9690 before falling back with EURCHF stil finding a few sellers. Dip demand still expected but sell interest remains poised between 1.1280-1.1300 and 1.1320 with buyers into 1.1220 and 1.1200 still. Some USDCHF sell interest now at 0.9680 with larger at 0.9700. Buyers  at 0.9630 and larger into 0.9600.

AUDUSD duly failed to hold above 0.7200 and has fallen to 0.7142 but finding support from some large option expiries in play at 0.7100 today and tomorrow.Sellers now into 0.7200 then 0.7230 again, which held Friday's rally, then 0.7250 still. Buyers now around 0.7150 then 0.7130 and 0.7100. USDCAD has rallied to look at 1.3050 on NAFTA uncertainty having held the key support area around 1.2980 that I've been highlighting. Buyers now into 1.3020, 1.3000 and 1.2980 which remains pivotal.Sellers around 1.3050 then 1.3050 again, 1.3080 and larger into 1.3100

Fickle Forex markets prevailing as another week gets underway and Summer hols become a distant memory, so get your orders in to take full advantage of these moves.

On Saturday the mighty Shrimpers of Southend United travelled to Shrewsbury in real need of at least a draw to stop the recent rot but came back empty-handed. "Tighter discipline needed across the park for sure" was what I called for here on Friday. Sadly the request fell on deaf ears. Hey ho, we go again. Sailing on the Solent in the September sun helped ease the pain.

Have a good week out there one and all.

Interbank Rate 08.45 BST GBPUSD   1.3082 EURUSD   1.1636 EURGBP   0.8893 GBPEUR   1.1242 USDJPY   111.90 USDCAD   1.3032 USDCHF   0.9654 GBPAUD   1.8260 GBPCAD   1.7047 GBPCHF   1.2628 GBPZAR   19.5780 GBPHKD   10.1424 EURHKD   9.0220

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