USD/JPY

USD/JPY sits near 2-month tops, as the post-FOMC US Dollar upsurge helped break through the recent trading range. As was widely expected, the Fed lowered its benchmark interest rate by 25 bps for the first time since December 2008 but signaled that more rate cuts are not guaranteed. USD/JPY is expected to find support at 108.95 and a fall through could take it to the support level of 108.79. On the other side, resistance stands at 109.39 and a rise through could take it to the level of 109.51.

USDJPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 108.04 108.26 108.54 108.77 109.05 109.28 109.56
1 WEEK 106.84 107.27 107.97 108.40 109.10 109.53 110.23
1 MONTH 104.82 105.80 106.85 107.83 108.88 109.86 110.91


EURUSD

EUR/USD is on the defensive, courtesy of not-so-dovish rate cut by the Federal Reserve. The currency pair is currently trading at 1.1046, having hit a low of 1.1034 a few minutes before press time. That was the lowest level since May 2017. EUR/USD is expected to find support at 1.1003 and a fall through could take it further to the support level of 1.1093. On the other side, resistance stands at 1.1076 and a rise through could take it to the next resistance level of 1.1112.

EURUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.0933 1.0997 1.1034 1.1098 1.1135 1.1199 1.1237
1 WEEK 1.0952 1.1027 1.1077 1.1152 1.1202 1.1277 1.1327
1 MONTH 1.0954 1.1055 1.1212 1.1313 1.1470 1.1571 1.1728


GBPUSD

GBP/USD slipped to a 31-month low of 1.21 in the Asian session, courtesy of broad-based US Dollar demand. The US Dollar picked up a bid as the US Federal Reserve cut rates by 25 basis points on Wednesday but cautioned markets against expecting further easing over the next few months. GBP/USD is expected to find support at 1.2079 and a fall through could take it to the next support level of 1.2065. On the other side, resistance stands at 1.2177, and a rise through could take it to the next resistance level of 1.2215.

GBPUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.1995 1.2065 1.2109 1.2179 1.2223 1.2293 1.2337
1 WEEK 1.2182 1.2279 1.2331 1.2428 1.2480 1.2577 1.2629
1 MONTH 1.2260 1.2383 1.2539 1.2662 1.2818 1.2941 1.3097


GOLD

Gold fell from $1,434 to near $1,405 on Thursday, engulfing the price action seen in the preceding seven days. The yellow metal slumped after the US Federal Reserve lured greenback buyers, despite announcing a 0.25% rate cut, as comments from the central bank Chief turned down the forecast of the beginning of the Fed’s easy money cycle. Gold is expected to find support at 1,400.00 and a fall through could take it to the support level of 1,495.50. On the other side, resistance stands at 1,410.60, and a rise through could take it to the level of 1,414.50.

GOLD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1379.94 1395.47 1403.74 1419.27 1427.54 1443.07 1451.34
1 WEEK 1385.71 1398.43 1408.51 1421.23 1431.31 1444.03 1454.11
1 MONTH 1191.06 1250.68 1322.91 1382.53 1454.76 1514.38 1586.61