The yen rallied against the greenback in today's Asian session, which was in part helped by the weaker USD. This dragged the USD/JPY pair down from above the 98.00 zone to below 97.90. Initially, however, the greenback seemed it had the upper hand after Japan released worse-than-expected industrial production numbers. On a YoY basis, it dropped from 1.8% to -0.2%, while it fell from 3.4% to -0.7% on a MoM basis.
The USD/JPY pair is currently trading at 97.86, with initial resistance seen at 98.66, followed by 98.91. Meanwhile, initial support is at 97.70, followed by 97.46.
As for the aussie, it fared well against the greenback during the Asian session. This was primarily fueled by the positive data released by Australia earlier today, including the TD Securities Inflation for September. In addition, it was only slightly affected by the HSBC Manufacturing PMI from China, which came out at 50.2. Although it was lower than the expected 51.2, it was still slightly better than the previous figure which was at 50.1.
The AUD/USD pair managed to rebound to the 0.9300 zone early today and is currently trading at 0.9313. Initial resistance for the pair is at 0.9346, followed by 0.9370. Meanwhile, initial support is at 0.9266, followed by 0.9242.
The USD/CHF fell below 0.9048 early in today's trading due to the weak USD. However, the pair managed to bounce back over the past few hours and has rallied beyond the 0.9060 zone.
The pair is currently trading at 0.9064, with initial resistance seen at 0.9085, followed by 0.9108. On the other hand, initial support is at 0.8994, followed by 0.8971.
While the greenback started today's trading on a weak note, there is still a chance for a recovery with the help of the Chicago Purchasing Managers' Index and the Dallas Fed Manufacturing Business Index later today.
Create a FREE account