(Ranges are calculated using recent highs and lows, information on the placement of option strikes, and technical analysis--Bollinger Bands, Fibonacci levels, trendlines and moving averages.)
USD/CNY--closed.
USD/TWD--possible uptrend. USD/TWD might rise into the daily Bollinger uptrend channel and above the daily Ichimoku Cloud resistance as the U.S. dollar index has gained since Taiwan financial markets shut for the Lunar New Year holidays. Confirmation of the bullish chart signals coming into effect -- contingent on a daily close above 31.700 -- would increase the likelihood for a near-term rally up to the round-figure trading barrier at 32.000. The U.S. dollar is expected to stay firm until Tuesday's semi-annual testimony by U.S. Federal Reserve chief Janet Yellen. Dow Jones technical analysis suggests immediate support is at 31.550 (20-day Bollinger mid support), then at 31.400 (daily Bollinger downtrend channel), then at 31.250 (base of daily Ichimoku Cloud support and base of daily Bollinger downtrend channel). Immediate resistance is likely at 31.660 (top of daily Ichimoku Cloud resistance), then at 31.700 (daily Bollinger uptrend channel), before 32.000 (round-figure trading barrier).
USD/KRW--uptrend. USD/KRW may climb toward its 2015 high of 1,111.7 as the U.S. dollar index gained overnight. The daily chart suggests the technical uptrend effect will remain as long as USD/KRW stays above 1,102 by Tuesday's close. The greenback is well-supported Tuesday as currency punters anticipate a possible change to a more hawkish tone from the U.S. Federal Reserve later today when Fed chief Janet Yellen presents her outlook on the U.S. economy. Lead indicator USD/JPY has recently struggled to rally, thus capping gains in USD/KRW for now, but also appears to be supported. Dow Jones technical analysis suggests immediate support is at 1,102 (base of daily Bollinger uptrend channel), before 1,100 (round-figure trading barrier). Immediate resistance is at 1,110 (round-figure trading barrier), then at 1,111 (top of daily Bollinger uptrend channel), before 1,120 (round-figure trading barrier).
USD/SGD--uptrend. The daily chart suggests the greenback is more likely to gain versus the Singapore dollar in the near term. USD/SGD will remain in a technical uptrend as long as it closes Tuesday above 1.3582. But if the pair breaks down and out of the daily Bollinger uptrend channel, it could easily slide to the 20-day Bollinger mid support at 1.3542. While Greece debt concerns linger, the focus currently is on U.S. Federal Reserve chief Janet Yellen's testimony to the Senate Banking Committee later today. A shift toward less-dovish language in her speech -- which might imply a sooner U.S. interest-rate rise -- could send the greenback higher across the board. Dow Jones technical analysis shows immediate support is at 1.3582 (base of daily Bollinger uptrend channel), before 1.3542 (20-day Bollinger mid support). Immediate resistance is at 1.3600 (round-figure trading barrier), then at 1.3628 (top of daily Bollinger uptrend channel), before 1.3700 (round-figure trading barrier).
USD/MYR--uptrend. USD/MYR is supported by the base of the daily Bollinger uptrend channel at 3.6285 and may aim for the channel's ceiling at 3.6570 Tuesday. The dollar has received a boost against the ringgit from the overnight drop in crude-oil prices -- which refreshes the threat to Malaysia's fragile trade balance. The possibility of a more hawkish tone from the U.S. Federal Reserve later today when Fed chief Janet Yellen testifies to the Senate Banking Committee is another reason why USD/MYR is likely to stay buoyant Tuesday. Dow Jones technical analysis suggests immediate support is at 3.6285 (base of daily Bollinger uptrend channel), then at 3.6000 (round-figure trading barrier and 20-day Bollinger mid support). Immediate resistance is at 3.6500 (psychological resistance), then at 3.6570 (top of daily Bollinger uptrend channel), before 3.6800 (psychological resistance).
USD/THB--consolidation. USD/THB may hover around 32.60 as the U.S. dollar firms up before the U.S. Federal Reserve chief's testimony on the economy later Tuesday. Although USD/THB is generally less affected by external pressures compared with its regional peers, a signal from the Fed that U.S. interest rates will rise soon will likely boost USD/THB. But for now, the pair remains in consolidation mode within a range of 32.55-32.66. A break of either side of this band would activate the daily Bollinger downtrend and uptrend channels respectively and thus impart more technical momentum to the pair. Dow Jones technical analysis suggests immediate support is at 32.55 (daily Bollinger downtrend channel), then at 32.47 (base of daily Bollinger downtrend channel), before 32.46 (200-day moving average). Immediate resistance is at 32.60 (20-day Bollinger mid resistance), then at 32.66 (daily Bollinger uptrend channel), before 32.72 (top of daily Bollinger uptrend channel).
USD/PHP--possible uptrend. USD/PHP may enter the daily Bollinger uptrend channel at 44.29 as U.S. dollar-short covering takes place before U.S. Federal Reserve chief gives her testimony to the Senate Banking Committee later today. A Tuesday close above 44.29 would activate the bullish chart signal that might spur USD/PHP toward 44.50. The market is bracing for a possible change in language by the Fed chief which might hint at a sooner U.S. interest-rate rise -- which would be positive for the U.S. dollar. Dow Jones technical analysis suggests immediate support is at 44.23 (200-day moving average), then at 44.20 (20-day Bollinger mid support), before 44.10 (daily Bollinger downtrend channel). Immediate resistance is likely at 44.29 (daily Bollinger uptrend channel), then at 44.39 (top of daily Bollinger uptrend channel), before 44.50 (psychological resistance).
USD/IDR--uptrend. USD/IDR is biased higher as long as it stays above 12,800 and thus inside the daily Bollinger uptrend channel. The U.S. dollar is likely to remain supported before the U.S. Federal Reserve chief's testimony to the Senate Banking Committee Tuesday. There is a nascent fear that the Fed could flip to a hawkish mode soon -- which might trigger broad USD-short covering. USD/IDR might then rise to the top of the daily Bollinger uptrend channel at 12,910 but is likely to encounter much stronger resistance as it approaches the round-figure trading barrier of 13,000. Dow Jones technical analysis suggests immediate support for spot USD/IDR is at 12,800 (base of daily Bollinger uptrend channel), then at 12,690 (20-day Bollinger mid support), before 12,630 (daily Ichimoku Cloud support). Immediate resistance is at 12,910 (top of daily Bollinger uptrend channel), before 13,000 (round-figure trading barrier).
USD/INR--consolidation. USD/INR has struggled to sustain any rally in the past few days, but may remain supported. The U.S. dollar is likely to be propped up before the U.S. Federal Reserve chief delivers her testimony on the state of the economy to the Senate Banking Committee later Tuesday. Any change in language used to describe the timing of an eventual interest-rate increase could spook U.S. dollar-shorts and trigger a greenback rally. If USD/INR ends Tuesday above 62.24 it would be inside the daily Bollinger uptrend channel. But a daily close above the top of the daily Ichimoku Cloud resistance zone at 62.62 is needed to clear the path for a much stronger U.S. dollar. Dow Jones technical analysis suggests immediate support is at 62.00 (round-figure trading barrier and 20-day Bollinger mid support), before 61.74 (daily Bollinger downtrend channel). Immediate resistance is likely at 62.24 (daily Bollinger uptrend channel), then at 62.50 (top of daily Bollinger uptrend channel and daily Ichimoku Cloud resistance zone), before 62.62 (top of daily Ichimoku Cloud resistance zone).
Write to Ewen Chew at ewen.chew@wsj.com
(This article is general financial information, not personalized investment advice, as it does not consider the unique circumstances affecting an individual reader's decision to buy or sell a specific security. Dow Jones does not warrant the accuracy, completeness or timeliness of the information in this article, and any errors will not be made the basis for any claim against Dow Jones. The author does not invest in the instruments or markets cited in this article.)
(END) Dow Jones Newswires
February 23, 2015 19:57 ET (00:57 GMT)
#FX
#Forex
#USD_Asia
#YellenTestimony
#US_FedSpeech
0 Response to "USD/Asia Supported Before U.S.Fed Speech -- Asia Daily Forex Outlook"
Thanks for give comment.