 Following another record close in US overnight, Asian markets open generally higher and stay firm. Commodity currencies continue to extend this week's rebound. While Yen and Swiss Franc remain soft, Dollar pull back seems to be slowing slightly. Nevertheless, Dollar selling could come back any time if Gold could make 1800 a base to stage another rise. Technically, we'd maintain that some levels in Dollar pairs need to be taken out to confirm that it has topped. The levels include 1.1804 resistance in EUR/USD, 109.10 support in USD/JPY and 0.9098 support in USD/CHF. At the same time, we'd also look at 0.7288 support turned resistance in AUD/USD, and 1.6182 resistance turned support in EUR/AUD, to gauge the strength of rebound in Aussie and other commodity currencies. In Asia, at the time of writing, Nikkei is up 0.98%. Hong Kong HSI is up 1.60%. China Shanghai SSE is up 0.90%. Singapore Strait Times is up 0.73%. Japan 10-year JGB yield is up 0.0012. Overnight, DOW rose 0.61%. S&P 500 rose 0.85%. NASDAQ rose 1.55%. 10-year yield dropped -0.005 to 1.255. |
