Traders continue to fade the early risk......>

DOLLAR: Traders continue to fade the early risk off move into Europe. As volumes

remain light the DXY holds in a very narrow 5 pip range with bulls targeting a

break of 96.00, a level that also holds down trendline resistance off the Aug 15

high. A break opens the double-top resistance area at 96.10/15, ahead of the ytd

high at 96.98. Bears need a break of the 50-dma & 61.8% retracement levels at

95.23/22 to change the short-term outlook, before challenging the Oct lows at

94.78. Gold based around the 100-dma ($1225.31) with the recovery extending

above $1229. A weekly close above $1233.31 (Oct15 high) turns the short-term

outlook more bullish opening $1238.99 which represents the 38.2% retracement of

the 2018 range. Notable expiries today. EURUSD $1.1400(E2.12bn),

$1.1500(E1.34bn), USDJPY Y112.50($1.12bn).