 Tools for TradersTop Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action InsightDaily Report: Dollar Lower on Gary Cohn Resignation, Stocks Shrugged Off Dollar is broadly pressured on news of White House economic advisor Gary Cohn's resignation. The dollar index dipped to as low as 89.42 and staying below 90 handle. EUR/USD is staying comfortably back above 1.24 and is set to have a take on 1.2555 key resistance. Meanwhile, USD/JPY might take the lead and test 105.24 support. Canadian Dollar remains the weakest one for the week as Canada, as the closest ally of the US, would be severely hurt if a trade war starts. Also, the ongoing NAFTA renegotiation is not seeing an end yet. Technical OutlookUSD/JPY Daily Outlook Daily Pivots: (S1) 105.82; (P) 106.14; (R1) 106.43; More... USD/JPY's recovery was limited below 4 hour 55 EMA and weakened. But still, it's staying in range above 105.24 temporary low. Intraday bias remains neutral first. Again, as long as 107.67 resistance holds, near term outlook will remain bearish. Break of 105.24 will resume larger decline from 118.65 and target 100% projection of 118.65 to 108.12 from 114.73 at 104.20 next. Firm break there will pave the way to 98.97 key support level and below. However, break of 107.67 will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. In such case, stronger rebound would be seen back to 55 day EMA (now at 108.92) first. Suggested ReadingsGBP/USD Is Approaching Crucial Resistance USD/CAD Pulls Back From Key Level Ahead Of BoC, Jobs Data Dollar Awaits US Jobs Data As Trade Uncertainty Remains Cohn Out, USD Tumbles, Futures Shaken BoJ Meets with Yen Trading at Elevated Levels; Japan's Revised GDP Numbers also Due WTI Crude Oil Futures Extend Their Gains; Move Towards 61.8% Fibonacci Retracement Level Bank of Canada to Stand Pat, May Appear Cautious Amid Trade Risks Economic Data
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