Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

FX levels to watch: EUR/USD, GBP/USD, USD/JPY

US dollar strength is being felt across FX markets this morning, with a strong recovery underway for USD/JPY.

Video poster image

EUR/USD still unable to push higher

EUR/USD continues to hold above $1.1350, although the downward move from mid-October remains intact.

A push above $1.1430 would clear recent intraday resistance and suggest another attempt to break the downtrend line from the September highs. Further support is found at $1.13.

GBP/USD back to the lows

GBP/USD has fallen to a new two-month low this morning, and a close below the $1.2770 lows of last week would suggest that a move to the August lows at $1.2661 is in play.

A recovery above $1.2860 would suggest that some bullish strength is developing.

USD/JPY strides higher

USD/JPY has recovered from weakness at the end of last week, and moved above the post-March rising trendline once more.

Further gains above ¥113.00, which acted as resistance in mid-October, would target ¥113.64 and then ¥114.50. Price action at the end of last week suggests that there is support around ¥111.50, so a daily close below this is needed to suggest a more bearish view.

Live #IGForexChat

Put your question to the experts during our live IG Forex Chat.
Streaming on 1 November at 6.30pm (UK time).

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.

Find an article

Find articles by writer