James Kim@Saxo
James Kim, sales trader at Saxo Capital Markets Australia, examines trading strategies during week 43 in a technical analysis of charts for forex, indices and commodities.
Squawk / 24 June 2016 at 4:33 GMT
Head of FX Strategy / Saxo Bank
FX Levels for major pairs as GBPUSD hits 30-year lows. Before we discuss the further market action here, it is important to note that the authorities are hardly going to sit idly by and watch the market sort things out for itself after the shock of this Brexit vote. Judging purely from the price action in the likes of USDJPY (and not on any other source), for example, it appears intervention may already be here in the form of a floor somewhere near 100.00

With that caveat, brief thoughts on "next levels" of interest in major pairs:
GBPUSD - 1.3500 was a critical level stretching back to the financial crisis. From here, only round levels to go by - 1.3000, 1.2500, etc... The 1985 low was 1.0525.
EURGBP - minor Fibo at 0.8372, otherwiseno real levels until 0.8815
EURUSD - a major Fibo at 1.0940 tested overnight - 1.1000 seems to be attracting the price action
USDJPY - we had an overnight low at 99.00, but watch charts for price action indicating whether we have a hard floor nera 100.00


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