#forexbreakfast focus forex (eng)
The main event last week was the US elections that brought a risk-on climate. Safehaven currencies fell, particularly the US dollar and the yen. The Eur / Usd exchange rate had a quite volatile trend, even if the weekly trend was bullish. The only moment of recovery for the dollar was caused by excellent data on US jobs. Almost stationary week for the Eur / Gbp exchange rate that remained around 0.90. The Boe announced a £ 150 billion increase in QE, signaling an estimated negative GDP for the current quarter. The tip of the balance always seems to be Brexit. The best currencies of the week were commodity currencies. Real, Norwegian krone and South African rand led the way, thanks to the sharp rise in all commodities. Mixed week for the sector of emerging currencies, with the lira still the worst currency of the week. However, it recorded an increase of more than 5% following new expectations of a rate hike following the appointment of the new governor.
Eur / Usd
It has been a volatile week for the eur / usd exchange. After hitting new lows in the 1.16 area, it recovered to reach 1.1880 on Monday, close to the long-term bearish trendline. If that resistance will surpass the exchange rate could reach the 1.12011 area and subsequently at 1.2066. On the downside, pay attention to the supports located in the 1.1666 and 1.603 area. Next is static support at 1.1448.
Eur / Gbp
Neutral week for the Eur / Gbp exchange rate that remained at the 0.90 area. This level remains of particular importance, exceeding it could lead prices towards 0.8873 and 0.8711. The short oscillator is tending towards the oversold phase.
Eur / Jpy
The exchange rate with the Japanese currency returned to rise, reaching 124 at the beginning of this week. The oversold phase seems to have passed. So the resistance at 125 remained in sight, then there are those at 125.77 and 127.60. On the downside, the first support is in the 122.38 area, while the next one at 120.70.