EUR/USD struggling to extend momentum, US data and Trump awaited
Having posted a session low near 1.0570 region, the EUR/USD pair regained traction and moved back above the 1.0600 mark. The pair, however, continued with its struggle to attract follow through buying interest as investors remained reluctant to carry big positions ahead the key event risk - the US President Donald Trump's first address to a joint session of Congress, later during NY session. Moreover, the ongoing political uncertainty in the Euro-zone, ahead of the French Presidential election, also remains a key issue for the Euro traders and has been another important fundamental factor responsible for the pair's near-term sideways price action within 100-pips broader trading range. Ahead of Trump's speech, the US economic docket featuring the release of prelim Q4 GDP figures, Chicago PMI and CB's Consumer Confidence Index might provide some impetus for short-term traders. Meanwhile, repositioning trade, heading into the event risk, could further lead to some volatile price action during NA trading session. A follow through buying interest has the potential to lift the pair back towards 1.0630 intermediate resistance (yesterday's high) ahead of 1.0650 strong hurdle, above which the pair is likely to aim towards reclaiming the 1.0700 handle. Alternatively, reversal from current levels, and a subsequent break below 1.0570-65 support area, is likely to accelerate the slide towards 1.0530 horizontal support, en-route 1.0500 psychological mark.

GBP/USD focus stays on 1.2401/08 Commerzbank
In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable remains focused on the 1.2400 neighbourhood.?Last week the market failed just ahead of the 1.2583 8 th February high and this guards the top of the channel at 1.2679. Attention remains on its 55 and 100 day moving averages at 1.2401/08. We suspect that prices will need to go sub 1.2250 in order to alleviate immediate upside pressure and trigger losses to the 1.1988/80 recent low. Immediate support is the 1.2347 February low?.?Only above 1.2679 would allow for further strength to the 1.2776 December high. Between here and 1.2836 lies several Fibonacci retracements and major resistance and we suspect that it will struggle here?

USD/JPY a test of 111.60/55 not ruled out UOB
A new visit to the mid-111.00s in the near term has not been ruled out, suggested FX Strategist at UOB Group.?While the failure to move clearly below 111.90 was not surprising (low of 111.89), the subsequent strong rally from the low was unexpected. The up-move appears to have scope to extend higher but 113.00 is expected to offer solid resistance, ahead of the much stronger level near 113.30?.?USD retested last Friday 111.91 low but rebounded strongly after touching 111.89. Despite the recovery, the undertone is still negative and there is still room for another leg lower to test the major 111.55/60 support (even though the odds have diminished). At this stage, a sustained move below this major support seems unlikely. On the upside, only a clear move back above 113.00 would indicate that the short-term downward pressure has eased?.

USD/CHF flirting with 100-DMA support, Trump in focus
After failing to build on to its move back above 1.0100 handle, the USD/CHF pair witnessed a sharp reversal and erased all of its gains recorded in the previous two trading sessions.Currently trading around 1.0050 region, today's release of better-than-expected Swiss KOF leading economic indicator for Feb., at 107.2 vs 102.1 expected, attracted a follow through selling pressure around the major, which was already trading weak amid a modest US Dollar weakness across the board.Meanwhile, the prevalent cautious sentiment around global financial markets also extended support to the Swiss Franc's safe-haven appeal and collaborated to the pair's slide back closer to 100-day SMA important support near 1.0035 region.Investors on Tuesday will remain focused on the US President Donald Trump's first address to a joint session of Congress, later during NY session, and would be looked upon for clarity over Trump's proposed pro-growth economic policies, which would eventually help determine the pair's next leg of directional move. Apart from Trump's speech, important US macro data - prelim Q4 GDP figures, Chicago PMI and CB's Consumer Confidence Index would also be looked upon for some impetus during early NA session. Follow through weakness below the 1.0035 region (100-day SMA) is likely to get extended towards 1.0010 level before the pair eventually drops to 0.9970-60 horizontal support. On the flip side, momentum above 1.0060 level seems to lift the pair back towards 1.0100 handle ahead of multi-week tops resistance near 1.0140 area.

AUD/USD bullish above 0.7710 UOB
FX Strategist at UOB Group noted the outlook on the Aussie Dollar should shift to bullish from neutral on a close above 0.7710.?While AUD traded in a relatively narrow range yesterday, the price action has been rather choppy with whippy swings between 0.7662 and 0.7708. The immediate outlook is rather mixed and further choppy trading is expected, likely at lower range of 0.7640/0.7700?. ?AUD tried but failed to move above the 0.7710 resistance mentioned yesterday (high of 0.7708). Unless there is a daily closing above 0.7710 by end of today?s NY session, we would consider the bullish phase that started early this month has ended. Alternatively, a break below 0.7660 would also indicate that AUD has moved into a consolidation phase?.

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