Fed Funds closed yesterday at 0.81 rather than traditional 0.91 since the last raise. Its normal routine for Fed Funds 2 to 3 days per month to close far lower than norms. Its not customary to close lower on the 1st of the month nor on an important day as NFP. Fed Funds will travel higher today and USD should lead the way upon NFP’s release. Should NFP report an out of sync 50,000 range then USD will see massive volatility.
Here’s bunches of trades, levels, ranges and targets. Trade the levels, watch vitals as those are daily break points to ensure prices travel higher or lower.
Point of note is we’re hitting intervals between vital break points as this has been the way for many weeks. USD in the last few days has been hitting perfect targets rather than intervals. The caution to any far upper or lower is does NFP break the 50,000 range. Then prices trade to far extremes. But not outside my vital points. Don’t be surprised to see a range release.
EUR/USD. Target above 1.1268. In the 1.1260’s, EUR/USD will struggle to go higher. Target and reverse in the 1.1260’s if seen. Higher means breaks at 1.1247 and 1.1257. Big line break located at 1.1281 and 1.1296. Neither should be seen today.
On the bottom. Bottom hits at 1.1162 upon breaks at 1.1191 and 1.1176. Long at bottoms.
USD/JPY. Target above 1.1214. USD/JPY will struggle higher from 1.1205 to 1.1227. Higher means breaks at 111.80 and 111.99. Above 111.99 then next 112.55 and not expected to be seen today. Target tops and reverse and the day will be grand.
Bottoms. Bottom of bottom is located at 111.02 and achieves by breaks at 111.31 and 111.15.
USD/CAD. CAD will struggle higher in the 1.3550’s. My target is 1.3551 to 1.3553. The upper break point for CAD is located at 1.3569 and a break can only see 1.3603. Break means the 50,000 in NFP.
Bottom break point for CAD is 1.3469. Overall range 1.3469 to 1.3569. Lower means breaks at 1.3485, 1.3469 and far bottom at 1.3451.
USD/CHF. I;m not thrilled in CHF. Target above is 0.9762. The must break to achieve is 0.9735 and 0.9746. Upper most is 0.9796.
Below break points 0.9675. The must break to see 0.9675 is 0.9685. A break of 0.9675 then bottom is 0.9662.
Overall longer term big line break for USD/CHF is 0.9876. USD/CHF is oversold so long the drops.
GBP/JPY. Up Target 144.18 to 144.20. GBP/JPY will struggle to travel higher starting at 144.01. Above 144.20 then comes 144.79 and not expected today.
Below two vital points 143.38 and 143.11. A break of 143.38 then 143.29, 143.11 an far bottom at 142.93.
Overall GBP/JPY sits above massive supports at 142.40 and 141.36.
GBP/USD. No thrills in today’s GBP. Up target 1.2938 but assumes breaks at 1.2900 and 1.2922. Above 1.2901, GBP will struggle to travel higher.
Below break points, 1.2850 and 1.2827. A break at 1.2850 then 1.2843, 1.2827 and far bottom 1.2811.
The BOE range as mentioned 0.2300’s to 1.2800’s. Don’t look at a Brexit 50% Fibo for a longer range target as 1.3200 began its decent on current prices. Longer term massive supports exist at 1.2748 and 1.2606. Both must break to see far lower. This will take a rocket ship to break lower.
EUR/JPY. Target 125.84. Target just below vital break line at 125.89. Above then next 126.16. Target above will be close as EUR/JPY will struggle in the 125.50 to 125.60’s.
Below is wide open starting at 124.87, 124.71 and far bottom at 124.56.
Overall Supports in EUR/JPY for longer term traders are located at 122.60 and 121.02.