EUR/USD

EUR/USD marked a moderate bearish momentum yesterday and hit an intraday low at $1.1131. The short term outlook remains bearish facing $1.1100 level before targeting to $1.1000. The intraday resistance is seen at $1.1180. A clear break above it could take price to neutral trading zone, but only a clear break back above $1.1250 might disrupt the bears after falling from $1.1350. The stronger support is located at $1.1135, where previous lows were marked. The main technical outlook remains neutral. Today’s macro agenda is offering significant data from Europe and US, that could set more clear direction for the pair. 

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EUR/USD

EUR/USD had a moderate bearish momentum yesterday and marked intraday low at $1.1244. The outlook remains in downward direction for testing $1.1200 - $1.1180 area. Intraday resistance is seen at 1.1310. A clear break above it could lead the price to neutral trading zone, but will keep the bullish scenario after breaking above the trend line and testing the key resistance at $1.1400. On the downside, a clear break below $1.1180 would open the door to $1.1080  - $1.1050 area. Overall the technical outlook for EUR/USD remains neutral.

USD/JPY

USD/JPY had another indecisive movement yesterday. The bias is neutral in nearest term probably with slight bullish signals. The nearest support is located at ¥99.95. A clear break below it could trigger further bearish pressure testing the key support at ¥99.50. The intraday resistance remains ¥100.60, where is located the 200-day exponential moving average. A clear break above this level could trigger bullish pressure for testing ¥101.15 level, but while the pair is below ¥100.60 the outlook remains bearish.

The US marco agenda for today offers plenteous set of data , that will sir the market. Most important is the Jackson Hole Symposium, that starts today and the USD/JPY pair is expected to be under some selling pressure.

GBP/USD

GBP/USD pair continued its bullish momentum yesterday and reached an intraday high at 1.3210. Still the expectations for upward movement remain in the shortest possible time. As it is clearly seen on the four-hour chart, the price tested H4 EMA 200 located in the area of 1.3215. A clear break above that level will trigger bullish pressure for testing 1.3300, but as long as price stays below 1.3500, more likely is the bearish scenario. The intraday support is located at 1.3150. A clear break below it might take the pair in neutral zone testing 1.3100 or lower.

Silver bearish in the short-term

On Monday silver tested $19.15 area, but coudn’t hold the line till closing of the session. Today is trading slightly below $19.00 level, marking an intraday high at $19.09 and low at $18.83. 

Currently the key resistance is located at $19.269 and as long as silver is staying below it, the trend is bearish. Key support is seen at $18.674.

RSI is showing oversold market and is confirming the daily bearish trend. 

As seen on the daily chart, 20, 30 and 55 day EMAs are pointing upwards and in the long term perspective we may expect bulls to come back. In the short term bears are indicating only correction movement of the trend.

USD slightly elevated after Williams’s statement

The US dollar marked slight increase at the end of the week  and bounced from the 8-week low against the euro and Swiss franc. The main reason for this is the statement of the president of the San Francisco Fed - John Williams. According to him, if the central bank keep the interest rates unchanged for too long this could have adverse consequences for the US economy. Therefore, the potential increase in interest rates in September can not be excluded.

On Friday, futures on the federal funds recorded a 53.5 percent chance the Fed to raise interest rates by year end. 

The US dollar index rose on Friday by 0.42 percent to 94,553 points, but finished on a weekly basis with a fall of more than one percent.

The euro slid 0.3 percent to 1.1318, after earlier reaching 8-week high at 1.1368. The dollar rose half a percent against the Swiss franc to 0.9589 after earlier marking a low at 0.9532.