Monday's Technical Analysis on EUR/USD,GBP/USD,USD/JPY
FX77 | Feb 29, 2016 04:07AM ET
As USD/JPY still has room for a rise, call options can be purchased.
According to the first February inflation report released by Eurozone on Monday, the market is expected to keep falling. Ralph Solveen, the analyst of Commerzbank (DE:CBKG), states that European Central Bank will take more actions in the March conference than just lower the deposit rate and that possibility is increasing. So is the present general opinion of the market. Meanwhile, as concerns about the European political union continue to increase, Euro is going to keep a weak momentum.
US Non-farm Payrolls will be released this Friday(Mar. 3).Non-farm and Unemployment data this time is important for expecting the future monetary policies of Fed since it will hold the interest-rate policy meeting on Mar. 16. More market focus will be put on this data release.
EUR/USD
EUR/USD remains a bearish momentum. According to the trend in the morning session, a rebound is necessary so we can pick call option first then pick put option in the later afternoon.
Support: 1.0865、1.0800 Resistance: 1.1000、1.1050
GBP/USD
As GBP/USD Option remains a strong bearish momentum, influenced by the withdraw from EU, we are mainly put option buyers during the daytime session. It may rebound first in the morning. Grasp the rhythm properly.
Support: 1.3800、1.3510 Resistance: 1.3900、1.3950
USD/JPY
USD/JPY Option was dragged back after a big rise to the 114.00 supportive level last Friday. According to the market in the morning, it is likely to remain the bearish correction so we are mainly buyers of put option. When it reaches the key support, call option can be purchased.
Support: 113.00、112.50 Resistance: 114.00、114.50
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