Market Brief / 02-08-2017

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The US dollar took a breather in its recent decline, though the currency remained capped by political turmoil in Washington and lacklustre US economic data. The ICE Dollar Index rebounded to 93.04 from 92.86 Monday.

The EUR/USD pair is consolidating above key support at 1.1780, which should limit downside potential. Meanwhile, the RSI lacks downward momentum. If support holds, look for further upside to 1.1845 and even 1.1910.

On the data slate there’s Switzerland Consumer Confidence; Switzerland Retail Sales; UK Construction PMI; Euro-Zone PPI; US Mortgage Applications; US Employment Change; and US Crude Oil Inventories.

BUY EUR/USD @ 1.1805 OR BETTER – STOP @ 1.1750 – TARGET @ 1.1910
BUY GBP/USD @ 1.3180 OR BETTER – STOP @ 1.3130 – TARGET @ 1.3280
SELL USD/JPY @ 110.80 OR BETTER – STOP @ 111.20 – TARGET @ 109.25
BUY CL0917 @ 48.80 OR BETTER – STOP @ 48.30 – TARGET @ 50.00
BUY AUD/USD @ 0.7910 OR BETTER – STOP @ 0.7860 – TARGET @ 0.8000
BUY XAU @ 1265 OR BETTER – STOP @ 1257 – TARGET @ 1282
BUY XAG @ 16.50 OR BETTER – STOP @ 16.00 – TARGET @ 17.30

THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.

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