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Dollar Index Hits Session Lows, Turns Negative

FOREX
  • Throughout US trading hours, the dollar index has been slowly edging lower and has now turned negative on the session, trading to the lows of the day at 93.89.
  • The move lower has coincided with EURUSD popping to fresh highs, back above the 1.16 handle. With Friday's high just being tested at 1.1619, the next immediate levels will be 1.1624 (last week's high) before 1.1640, high Oct 4. A break is required to signal scope for a stronger recovery however, short-term gains would be considered corrective with a broader bearish trend condition still intact.
  • USDJPY price action has been fairly muted and rangebound, however levels of significance may be building at the boundaries of the short-term range.
  • Notably several separate hourly highs have printed above 114.40, matching closely with the October 2018 highs at 114.55. More meaningful attention remains on a vol band resistance at 114.83.
  • Separately, potential JPY strength and a breach of the day's lows and late Friday lows around the 114.00 mark may turn the short-term focus to support found at 113.20 and 113.00 (Oct. 12 Low). If this were to ensue, the more notable firm support would be found at 112.08, Sep 30 high and a recent breakout level.
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