The British pound has been very noisy during the trading week as we continue to see a lot of back-and-forth action. Ultimately, the market continues to see the 1.3550 level above as a major barrier, but I do think it is probably only a matter of time before we at least test that area. If…
An employee arranges U.S. dollar bills and 50,000 won notes at a branch of Hana Bank in central Seoul, April 3. Yonhap Korea’s move to make the won-dollar foreign exchange market a virtually 24-hour trading schedule starting in July is raising concerns that it could leave the won more vulnerable to overnight swings when trading…
FX Council General Meeting Revises Seoul FX Market Code of Conduct Won-Dollar Trading Allowed on All Days Except Weekends and January 1 Starting from July 6, the trading hours for the won-dollar foreign exchange market via brokerages will shift to a 24-hour non-stop system. The current trading window, which runs from 9 a.m. to 2…
EUR/GBP continued to engage in sideway trading last week and outlook is unchanged. Initial bias remains neutral this week first. On the downside, decisive break of 0.8610 support will revive the case of bearish trend reversal. On the upside, break of 0.8728 resistance will bring stronger rally back towards 0.8740 resistance. In the bigger picture,…
EUR/JPY’s rally from 182.01 resumed and continued last week despite interim retreat. Initial bias is back on the upside this week for retesting 187.93 high. Strong resistance would be seen from there to bring reversal, to extend the corrective pattern from 187.93 with another falling leg. For now, risk will stay on the upside as…
GBP/JPY edged higher to 214.66 last week but retreated since then. Initial bias remains neutral this week first. On the upside, above 214.66 will extend the rebound from 210.43 to retest 216.58 high. Strong resistance is expected there to bring reversal to extend the corrective pattern from 216.58 with another falling leg. On the downside,…
USD/CAD retreated after rising to 1.3868 last week. Initial bias remains neutral this week first. Further rise is expected with 1.3729 support intact. Rise from 1.3549 is seen as the third leg of the pattern from 1.3480. Above 1.3868 will target 1.3965 resistance next. Break of 1.3729 will suggest that the rebound has completed, and…
AUD/USD’s late break of 0.7183 resistance suggests that pullback from 0.7277 has already completed at 0.7076, after defending 55 D EMA. Initial bias is back on the upside this week for retesting 0.7277 high first. Firm break there will resume larger up trend. For now, risk will stay on the upside as long as 0.7076…
The late break of 0.7807 support suggests that USD/CHF’s corrective rebound has completed. Initial bias is back on the downside this week for retesting 0.7760 first. Firm break there will resume the fall from 0.8041. Next target will be 61.8% projection of 0.8041 to 0.7774 from 0.7898 at 0.7733. Risk will now stay on the…
GBP/USD rebounded to 1.3508 last week but turned sideway since then. Initial bias remains neutral this week first. On the upside, above 1.3508 will extend the rebound from 1.3300 to 1.3657 resistance first. On the downside, below 1.3300 will bring deeper fall back to 1.3158 support instead. In the bigger picture, price actions from 1.3867…