EUR/CHF Leaning in Favour of Bulls
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- March 26, 2024
XJO WEEKLY: Last week’s low saw the retest of the 6890 completed, with a high close in the range.
READ MORECharts: Trading View (Italics: Previous Analysis) US Dollar Index (Daily Timeframe): Versus six international currencies, the US Dollar Index (USDX) finished the week on the ropes. Snapping a five-week bullish phase, recent action recorded a 0.9 percent decline and established a potential bullish flag pattern between 97.72-99.25. Channel resistance, extended from the high 96.94, continues
READ MOREECB MEETINGS OF 2020 SHOULD REALLY BE CALLED ECB ‘STRATEGY REVIEWS’.
Newly minted Chair Christine Lagarde clearly wanted to give herself ‘room’ having ordered a review to consider all aspects of its mandates, targets specifically inflation, performance, operational tools, communication and policy setting, plus others. It clearly leaves the ECB in a holding pattern, but that holding pattern means its highly unconventional policies setting won’t change until the Strategy Review is complete.
Charts: Trading View (Italics: Previous Analysis) EUR/USD: Europe’s single currency pencilled in a fourth successive daily gain against its US counterpart on Thursday, up 2 percent on the week. Broad USD softness and an optimistic vibe across equities elevated EUR/USD to within striking distance of resistance on the weekly timeframe at $1.1174. This follows a
READ MOREOPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract is expected to open down 3 points.
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: The Federal Reserve took centre stage on Thursday, raising its benchmark interest rate by 25 bps for the first time since 2018, as anticipated. Albeit immediately pressuring US equity indexes, as well as elevating the US Dollar Index (USDX) and US Treasury yields, EUR/USD extended lower from the
READ MOREGlobal stock markets suffered a significant price devaluation following recent events in Ukraine. Major US equity indices, such as the Nasdaq Composite and the Standard & Poors 500 index (S&P 500), as well as the Japanese Nikkei 225 index and the Russian MOEX, experienced losses in the value of their underlying securities and are continuing
READ MOREOPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract is expected to open down 3 points.
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: US equities navigated higher on Tuesday amid plummeting oil prices. WTI engulfed $100 a barrel with Brent ‘testing the waters’ beneath the $100 threshold. The US Dollar Index (USDX) also recovered off worst levels (98.64), consequently weighing on EUR/USD from session highs at $1.1020. Channel support, extended from
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Europe’s shared currency flexed its financial muscle on Monday against a broadly weaker US dollar. Despite USD softness, US Treasury yields advanced across the curve as traders weighed up the prospect of the Fed raising rates on Thursday. At present, there’s a 98.3 percent probability the Fed will
READ MOREXJO WEEKLY: Last week’s low saw the retest of the 6890 completed, with a high close in the range.
READ MORECharts: Trading View (Italics: Previous Analysis) US Dollar Index (Daily Timeframe): Against a basket of six foreign currencies—including the euro, the Japanese yen and British pound—last week witnessed the US dollar (USDX) clock highs (99.42) not seen since May 2020 and chalk up a fifth consecutive gain (+0.6 percent). Mid-week trading witnessed channel resistance welcome
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