Resistance 3: 1.0520
Resistance 2: 1.0480
Resistance 1: 1.0450/60
Latest New York: 1.0457
Support 1: 1.0320/30
Support 2: 1.0300
Support 3: 1.0270/80
Rate rallies back to resistance, fails at 1.0480 area as expected. Rate stuck in a range but still looking to support/resistance hovering around the 100 bar MA. Overhead resistance now at the 1.0480 area. Rate continues to rotate up to and fail at the 100 bar MA area; a sell off to end the day today would be ideal to set-up for further losses during the week. Buyers appear to be technical traders and expect some momentum accounts on the bid soon. No doubt some bids are profit-taking from the shorts but that won’t last in my view. In my view, the rate needs to be sold on any strength. Hourly sell signals also suggest that the rate is ready to rotate lower again. Look for two-way action overnight into Tuesday.
Data due Tuesday: All times EASTERN (-5 GMT)
4:00am CHF Consumption Indicator
Analysis by: Forexpros.com written by Jason Alan Jankovsky
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