EUR/USD hit fresh multi-month highs above the $1.0900 handle as the USD stayed under pressure after Trumpcare failure. The pair has since trimmed gains but is still up for the day and headed for its highest daily close since November 11th. From a technical view, we look for resistance at the November 11th high at $1.0923 followed by the November 10th high at $1.0954. On the downside, the overnight low at $1.0794 and Friday’s low at $1.0759 are in focus.
The offered bias around the greenback lifted GBP/USD beyond the $1.2600 mark for the first time since early February. The pair peaked at $1.2615 and then pulled back towards $1.2550. In terms of technicals, we look for resistance at the daily high of $1.2615 followed by the February 2nd high at $1.2707. On the downside, Thursday’s low at $1.2459 and Wednesday’s low at $1.2421 may offer support.
USD/JPY fell for the ninth time in ten days to post a fresh 18-week low at ¥110.09. The pair is currently trading around ¥110.60, having bounced on the back of US stocks making a comeback and a friendlier environment for the greenback. From a technical view, we look for support at the November 18th low of ¥109.76 followed by the November 17th low at ¥108.51. On the upside, the overnight high at ¥111.26 and Thursday’s/Wednesday’s high at ¥111.48/57 may offer resistance.
GBP/EUR is little changed ahead of the US close. We saw some modest strength in the Eur on news that German Chancellor Merkel emerged victorious in the Saarland election. This was countered however my modest gains in the GBP amid reports that UK PM May is visiting SNP leader Sturgeon today. Ahead, the Article 50 is expected to be triggered on Wednesday. From a technical view, last Wednesday’s low at €1.1492 and Tuesday’s low at €1.1456 may offer support. On the upside, last Thursday’s high at €1.1620 and the March 3rd high at €1.1680 are in focus.