FxWirwPro-Forex Daily Update

 US dollar Index-

The US dollar index trades flat ahead of Fed Powell's speech and CPI data. It hit a low of 104.99 and is currently trading around 104.99.

The yellow metal gained momentum after weak US jobs data on Friday. The increased probability of a rate cut in September supports precious metals at lower levels.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 73.6% from 59.80% a week ago.

Major resistance- 106.20/107

Major support- 105.20/104.45

EURUSD-

EURUSD showed a minor sell-off on the French election results. It hit a low of 1.08192 and is currently trading around 1.08303.

The French election result shows a hung parliament with no party secured a majority. New Popular won 188 seats and the Ensemble alliance 161 seats.

Major resistance-1.0865,1.0900

Major support- 1.0760,1.0700

Yen-

The pair trades flat ahead of Fed Chairman Powell's speech.  Any close below 160 confirms further bearishness.

Major Resistance- 162,163

Major support- 159.80,15

Canadian Dollar

The Canadian dollar shows a minor weakness on easing oil prices. Any break below 1.3600 confirms further bearishness.

Resistance- 1.3660, 1.3725

Major support- 1.3600,1.3535