The forex markets are very quiet in Asian session today as consolidative trading continues. The sharp decline in US treasury yields overnight, and the pull back in Asian stocks, triggered little reaction in currencies. Dollar and Yen are the slightly firmer ones for today so far, while commodity currencies are the softer ones. But such picture could easily change as the day goes on. Technically, we're be particularly interested in the interplay between European majors for today. EUR/GBP and EUR/CHF would need to break through 0.8923 and 1.0790 resistance together to confirm short term bottoming in Euro. On other hand, GBP/CHF's rebound from 1.1683 looks completed, with three waves up to 1.2193, as rejected by 1.2203 resistance. A break of 1.2054 support would sign near term reversal for 1.1912 support and below. That, if happens, could either push up EUR/GBP, or drags down EUR/CHF, or both. Let's see. In Asia, currently, Nikkei is down -0.73%. Hong Kong HSI is down -2.40%. China Shanghai SSE is down -1.20%. Singapore Strait Times is down -0.89%. Japan 10-year JGB yield is down -0.0046 at 0.034. Overnight, DOW dropped -0.12%. S&P 500 rose 0.36%. NASDAQ rose 0.69%. 10-year yield dropped -0.051 to 1.040. |
