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  • Writer's pictureMike Paterson

US Dollar feels some love again but ranging still

Wednesday 29 August 2018

Round and round and up "n" down we go again as the Greenback finds a bit of demand after some key levels held in major pairs yesterday.

GBPUSD's rally duly stopped at the 1.2920-30 sell area I highlighted again in my update yesterday with the usual month-end demand expectations in EURGBP also helping to cap Pound gains along with a general GBP softness with Brexit concerns still in focus.Immediate support/buying interest now around 1.2850 where we've held so far then more into 1.2830 and 1.2800.Sellers  around 1.2900 again, then the key 1.2920-30 area and 1.2950 still.Good two-way business to be had but I prefer to sell the rallies still.

EURGBP remains underpinned as I've been warning of late and with the added impetus of that month-end demand we've now seen the pair testing 0.9100 (GBPUSD support 1.0990) before retreating to 0.9060. Sellers now around 0.9080 again then 0.9100-05 and 0.9120 still. Buying interest continues at 0.9050 then more into 0.9030 and 0.9000 still.Dip demand expected still through month-end but sellers remain poised too with barrier option now appearing at 0.9100 too.

EURUSD duly tested the key 1.1730-40 resistance/sell area initially and has also fallen back amid general Euro supply to post 1.1662 lows.Buying interest between 1.1650-60 still then more into 1.1625-30 and 1.1600. Sellers now around 1.1700 and 1.1730-40 again with more into 1.1760. Decent size option contract interest at 1.1670 today may help contain range.

USDJPY continues to range with sellers still around 111.30 but finding support around 111.00.Sellers still poised at 111.25-30 with option interest rolling off at 111.20 today then larger offers into 111.50,111.80 and 112.00 still. Buyers lining up around 111.00 with more at 110.80 and 110.50 again. USDCHF has found a little dip demand but unconvincing with EURCHF now back below 1.1400. Dip demand still expected but sellers remain poised on both though as I've been warning.

AUDUSD failed to advance much before its own resistance area around 0.7360 and has retreated to test 0.7300 again as I type. Immediate buying interest building around  0.7280-85 and 0.7250. Sell interest at 0.7330 then between  0.7350-60 and 0.7380-00. USDCAD has fallen further and now tested 1.2900 with some positive NAFTA news but the jury is still out. Buyers still around 1.2900 then 1.2870-75. Sellers around 1.2950 then the pivotal 1.2980-1.3000 area.

Fickle markets still prevailing so get your orders in to take full advantage of these moves.

Have a good day out there one and all.

Interbank Rate 09.10 BST GBPUSD   1.2874 EURUSD   1.1672 EURGBP   0.9065 GBPEUR   1.1030 USDJPY   111.19 USDCAD   1.2928 USDCHF   0.9766 GBPAUD   1.7608 GBPCAD   1.6642 GBPCHF   1.2571 GBPZAR   18.4995 GBPHKD   9.9804 EURHKD   9.0485

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