With major currencies showing very bullish tone against the US Dollar, the ringgit performance against the US Dollar is quite tepid. This could be some intervention by Bank Negara as USD/MYR pair ranging between 130 pips last week. The immediate trend of the pair is still bearish and resistance is at 3.0922 with support at 3.072.
Cable has been consolidating within a tight range of about 100 pips in the early of the week before it was capped at 1.5921 at early London session on Thursday. It then fell sharply to 1.5669. Cable was talked down by thoughts about new quantitative easing. With a doji candle formed on the weekly chart, Cable is now on the crossroad. The coming week could shed some light on cable immediate trend. On intraday basis, Friday rebound from Thursday fall is expected to continued. Resistance is seen at Friday high of 1.5872 with the next resistance at 1.5937. Support is at 1.5767.
GBP/JPY is still trending downward. The intraday support is at 131.48. A break of 131.48 will bring the pair to 130.75. Resistance is at 132.45.
