The forex markets are somewhat in hibernation mode this week. Dollar is currently the weakest one, followed Yen. Commodity currencies are generally firm. But Swiss Franc is the strongest, thanks to buying against the weakening Euro and Sterling. But overall, with the exception of a few Yen pairs, major pairs and crosses are staying inside last week's range. Hopefully, the markets will wake up after today's US CPI release. Technically, CHF/JPY is currently the top mover for the week, up 0.86%. While it may be losing some upside momentum, further rally is expected as long as 139.97 support holds. Corrective pattern from 143.73 is tentatively seen as completed with three waves down to 137.13. Retest of 143.73 high should be seen in the near term and firm break there will resume larger up trend. In Asia, at the time of writing, Nikkei is down -0.71%. Hong Kong HSI is down -2.23%. China Shanghai SSE is down -0.62%. Singapore Strait Times is up 0.38%. Japan 10-year JGB yield is up 0.0244 at 0.191. Overnight, DOW dropped -0.18%. S&P 500 dropped -0.42%. NASDAQ dropped -1.19%. 10-year yield rose 0.032 to 2.797. |
