Forex technical analysis:
The dollar index as a whole has held steady as market risk sentiment has grown, with positive news of the US-China trade dispute encouraging the market and dollar buying being held back, but the yen’s safe-haven value has also been hit. Meanwhile, the pound’s rise continued as weekend polls showed the Conservatives continuing to pass by a wide margin.
Robert O’Brien, the U.S. A national security adviser, said the possibility of a swap deal between the Us and China by the end of the year remained the focus of the market. The Global Times also stated it was very close to a “first phase” agreement, which undermined the impact of “negative” coverage in other parts of the media. China’s General Office of the State Council recently put out “on strengthening intellectual property protection advice, ” said that will significantly increase the amount of legal compensation for infringement of intellectual property rights, increase the strength of damages, the news also boosted market sentiment.
Nevertheless, the position situation suggests that investors remain cautious about the future. If the trade situation deteriorates, USD’s resilience to risk will continue to attract many buys. Speculators’ net long positions in the USD rose to a five-week high in the week of November 19, according to the Commodity Futures Trading Commission. In summation, the GBP climbed from recent lows as polls continue to show the ruling ConservativeS with the best chance of winning the December 12 general election. The party has assured to bring LinkedIn Brexit, ending three and a half years of political uncertainty.
Forex fundamental analysis:
The DXY’s Monday correction was supported by a 98.15 rally above 98.40 and closed at 98.32, meaning the USD short-term correction is likely to stay up. If the DXY correction is supported above 98.20 today, the target for the post-market rally will be 98.40-98.50. Today, DXY short-term resistance at 98.35-98.40, short-term important resistance 98.45-98.50. DXY short-term support at 98.20-98.25, short-term important support at 98.05-98.10.
EUR/USD rebounded below 1.1035 on Monday, falling above 1.1000 and closing at 1.1009, meaning the EUR/USD short-term rally is likely to stay down. If EUR/USD rebounds today at 1.1030, the target for the market will fall will point to 1.0995-1.0985. Today EUR/USD short-term resistance at 1.1025-1.1030, short-term important resistance at 1.1040-1.1045. EUR/USD short-term support at 1.0995-1.1000, short-term important support at 1.0985-1.0990.
Forex Trading Strategy Recommendations:
EUR/USD: 1.1025 Sell, 1.1045 Stop Loss, 1.0985 Take Profit
GBP/USD: 1.2860 Buy, 1.2900 Stop Loss, 1.2955 Take Profit
USD/CHF: 0.9960 Buy, 0.9940 Stop Loss, 1.0000 Take Profit
USD/JPY: 108.70 Buy, 108.40 Stop Loss, 109.25 Take Profit
AUD/USD: 0.6760 Buy, 0.6740 Stop Loss, 0.6815 Take Profit
USD/CAD: 1.3290 Buy, 1.3260 Stop Loss, 1.3340 Take Profit