MARKET WRAP: FOREX

The U.S. dollar regained some strength against other major currencies. The dollar index rebounded to 105.11.

EUR/USD dropped 53 pips to 1.0431. The Eurozone’s official data showed that consumer prices rose 8.6% on year in June (vs +8.3% expected), a record rate.

GBP/USD slid 80 pips to 1.2098. U.K. official data showed that the number of mortgage approvals edged up to 66,200 in May (vs 64,400 expected).

USD/JPY was down for a second session falling 43 pips to 135.29.

AUD/USD declined 88 pips to 0.6815.

USD/CHF added 47 pips to 0.9598, and USD/CAD climbed 19 pips to 1.2892.

Bitcoin failed to regain the key level of $20,000.

EUR/USD Intraday: watch 1.0490.

Pivot:
1.0400

Our preference:
Long positions above 1.0400 with targets at 1.0470 & 1.0490 in extension.

Alternative scenario:
Below 1.0400 look for further downside with 1.0380 & 1.0365 as targets.

Comment:
The RSI is bullish and calls for further upside.

GBP/USD Intraday: further advance.

Pivot:
1.2060

Our preference:
Long positions above 1.2060 with targets at 1.2140 & 1.2170 in extension.

Alternative scenario:
Below 1.2060 look for further downside with 1.2030 & 1.2000 as targets.

Comment:
The RSI advocates for further advance.

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