XtreamForex

Daily Forex Morning Briefing for February 10, 2017 | XtreamForex

FOREX MORNING BRIEFING

A Trump promise to overhaul business taxes in a big way in the next 2-3 weeks has boosted the Dollar. Rupee is still more driven by domestic factors more than the global ones.

Dollar Index (100.67) is trading at the current week high and may test the resistance of 100.75-101.00 soon. A break above 101.00 may give the impetus to rise higher towards 101.70-102.00 by the next week but a failure near 101.00 can keep it in the range of 100.00-101.00 for a few sessions more.

Euro (1.0658) is testing the immediate support of 1.0650 once again and if Dollar manages to break above 101.00, then it can slide down to 1.0570 or even lower instead of the expected consolidation in 1.0650-1.0800.

DollarYen (USD JPY) (113.66) has rallied above the major resistance of 113.50-60 exactly as expected and if it manages to sustain above 113.50, then it may appreciate further to 115-116.

Pound (1.2513) is almost unchanged as it continues to trade horizontally in the range of 1.2350-1.2700 without any directional bias in the near term.

Aussie (0.7644) is stuck in the contracting range of 0.7600-0.7680 for the last 4 sessions but an upside breakout looks more likely which may take it to the resistance of 0.7725-50, where the bears may return again and push the price down.

COMMODITIES MORNING BRIEFING

Dollar (100.67) strength is hurting precious metals but Crude remains stable.

Gold (1225.04) has corrected to the significant support of 1220 after making a high at 1245, in the middle of the resistance band of 1240-50. If 1220 holds, then another bounce to 1250 may emerge but a break below 1220 may extend the decline to 1205-1200. Wait and watch.

Silver (17.59) has weakened and may test the major support near 17.38-35 which must hold to keep the upside possibilities open. The uptrend remains intact above 17.35 but a break below 17.35 can drag it down to 17.10-00 levels.

Brent (55.67) has retraced half of it recent fall from 57.41 to 54.41 and WTI (53.08) has retraced more than 60% of the fall from 54.34 to 51.38. The sentiment in the immediate term has turned bullish but the IEC and OPEC reports due today and Monday respectively may determine the near term path.

Copper (2.654) is unchanged in the range of 2.61-2.70 as expected, which may continue for a few days more.