Vikram Murarka
Kshitij Consultancy Services
Most currency pairs are likely to be ranged for a few more sessions unless a break on either side is seen. Dollar Index can trade within 110-111 while Euro can be ranged within 1.02-0.99/98, Aussie and Pound too can be ranged within 0.67-0.6950 and 1.14-1.16/18 respectively. USDJPY and EURJPY can be ranged within 146-142/140 in the near term. USDRUB continues to trade in a narrow range of 58-62 which may continue for now. USDCNY has been rising well and can attempt to test 7 which may hold in the near term. Any break above resistance at 7 will be strongly bullish. EURINR can be bullish while above 79, any break lower will open up chances of testing 78 on the downside. USDINR can trade within 79.20-79.60. Any break above 79.60 can be bullish to 79.80 or even higher.
The US Treasury yields have sustained higher at the near-end while those at the far-end have dipped slightly. We expect the yields to move up further towards their resistances ahead of the Fed meeting next week and then possibly reverse lower. The German yields have room to move up further from here before seeing a reversal. The 10Yr GoI is holding well above its support while the 5Yr has risen above its resistance. Both has potential to move up in the coming days.
Dow witnessed a slight recovery but remains vulnerable to a break below the support at 31000 and fall further on the downside. DAX has broken below 13150 and looks bearish for a further fall in the coming sessions. Nikkei has bounced back a bit from 27750 but outlook remain bearish to see a fall in the near term. Shanghai looks ranged. Nifty recovered well from a low of 17771.15 and could head higher while above the support at 17700.
Brent and WTI are hovering below the key resistance at 95.5 and 90 respectively. Only a break above these levels could see an extended rise on the upside. Gold is trading just above the key support at 1700 and looks vulnerable to a break below it and fall further on the downside. Silver has bounced back above 19.5 but outlook remain bearish to see a fall on the downside. Copper has scope to come down towards 3.4 in the near term.
Visit KSHITIJ official site to download the full analysis
The above views are based on the latest available information. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. While the views are proffered with the best of intentions, neither the author, nor the firm are liable for any losses that may occur as a result of any action based on the above. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.
Recommended Content
Editors’ Picks
EUR/USD remains offered and below 1.1300
EUR/USD is feeling the squeeze, revisiting the area around 1.1280 as the US Dollar gains extra momentum on Tuesday. Mixed domestic data from Industrial Production and Economic Sentiment haven't done the Euro any favours either.
GBP/USD keeps the bullish stance in the low-1.3200s
After hitting fresh six-month peaks near 1.3250, GBP/USD is now under a tepid selling pressure due to a strong comeback in the Greenback, causing it to retreat toward the 1.3200 support area. Next on the UK docket are inflation figures, expected to be released on Wednesday.
Gold embarks on a consolidative move around $3,200
Gold is holding its own on Tuesday, trading just above $3,200 per troy ounce as it bounces back from earlier losses. While a more upbeat risk sentiment is bolstering the rebound, lingering concerns over a deepening global trade rift have prevented XAU/USD from rallying too aggressively.
XRP, Dogecoin and Mantra traders punished for bullish bets, will altcoins recover?
Altcoins are recovering on Tuesday as the dust settles on US President Donald Trump’s tariff announcements last week. The President has repeatedly changed his mind on several tariff-related concerns, ushering volatility in Bitcoin and altcoin prices.
Is a recession looming?
Wall Street skyrockets after Trump announces tariff delay. But gains remain limited as Trade War with China continues. Recession odds have eased, but investors remain fearful. The worst may not be over, deeper market wounds still possible.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.