The Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI) report comes out with 56.5 as expected , below previous month 56.9 . This development is likely to keep the US dollar under pressure , any rise should be taken as an opportunity to short the USD , let’s see market impact on major pairs :
EURUSD : The pair is likely to consolidate within 1.0970/1.1051 range , buy On dips ………
GBPUSD : watch out , the cable is near critical resistance level at the 1.5000 levels , but you can buy it at any pullback with small target (risk)…
USDJPY : The pair trades below 119.10 levels , stability below this level will keep it under pressure with risk towards 118.70/118.33 levels ….
