EUR/CHF Leaning in Favour of Bulls
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- March 26, 2024
Following a raft of mixed messages from the Bank of Japan (BoJ) and stronger-than-expected wage negotiations for corporate Japan, the central bank stepped up overnight and ended eight years of negative interest rate policy (NIRP) as well as putting a cap on yield curve control (YCC). The BoJ raised its Policy Rate by 10bps for
READ MOREXJO WEEKLY Price structure: Breakout retest The key reversal bar stands out as a retest of the 7632 breakout level. This is the key level for the buyers to hold this week. The underlying Primary trend remains UP. A further decline below the 7632 level puts the 7300 level as support to hold. Seasonally, in late
READ MOREAt the centre of things this week are rate announcements from major central banks, including updates from the US Federal Reserve (the Fed), the Bank of England (BoE), the Bank of Japan (BoJ), the Swiss National Bank (SNB) and the Reserve Bank of Australia (RBA). We also welcome inflation numbers from Canada and the UK,
READ MOREYour weekly outlook of technical patterns and structure. The Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: EUR/USD Buyers Resilient Monthly Timeframe – Price action on the monthly chart of the EUR/USD offers an interesting technical landscape to work with. You will acknowledge that support from $1.0519 has
READ MOREThe latest data from the Office for National Statistics (ONS) revealed that the UK economy rebounded by 0.2% in January (in line with market forecasts), bolstered by robust growth in retail, wholesale and construction. This followed a month-over-month fall of 0.1% in December 2023 and two consecutive quarters of contraction in the second half of
READ MOREAccording to data from the US Bureau of Labor Statistics (BLS), the year-over-year change in US consumer prices accelerated for a second straight month in February. Elevated Inflation Nominal headline inflation rose 0.4% on a month-over-month basis for February, which fell in line with economists’ estimates and a touch higher than January’s 0.3% reading. Year-over-year
READ MORELast week, we witnessed the price of spot gold (XAU/USD) refresh all-time highs (ATHs), comfortable north of the $2,000 mark at $2,195. Markets witnessed demand for the precious metal increase based on a number of factors, which has seen buyers lift prices higher for eight consecutive days. Last week also recorded its largest one-week gain
READ MOREXJO WEEKLY Price structure: Breakout New ATH targets 8000 points The Index has again closed at an all-time high and remains in a Primary UP trend. With the majority of the underlying stocks still below their 200-day moving averages, continued sentiment may lift the Index considerably higher, with 8000 points a strong target as Bullish sentiment improves.
READ MOREWhere We Were Last Week Fed Chair Jerome Powell was in the limelight last week after his two-day testimony before Congress but failed to shed much light on the timing of rate cuts. The Fed chief, however, did reiterate the Fed’s intention to ‘begin dialling back policy restraint at some point this year’ and noted
READ MOREUpside Momentum Slowing While it was another all-time high (ATH) for the S&P 500 last week, reaching 5,189, upside momentum is beginning to slow and concluded the week tentatively. The Dow Jones Industrial Average also ended a second week in negative territory and the Nasdaq 100 and Nasdaq Composite finished off ATHs in the shape
READ MOREAhead of this week’s wages/employment data, the technical position for the GBP/USD leans in favour of bulls. Monthly Resistance Cedes Ground Following two months of downside, GBP/USD bulls pencilled in a solid offensive last week (+1.6%), drawing the currency pair through resistance on the monthly timeframe at $1.2715. While one may argue that this market
READ MOREAccording to the US Dollar Index, the US dollar (USD) had a rather disappointing week, falling -1.1% against a basket of six major currencies. On the month, the buck is also -1.4% lower and, assuming a continued negative trajectory this month, is on track to snap a two-month bullish phase. The FP Markets Research Team
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