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Daily FX Report

In April the USD/CHF is moving in a zigzag course

Tue, Apr 28 2009, 08:28 GMT
by Varengold Bank Research Team

Varengold Wertpapierhandelsbank AG  |  View company's profile


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Good morning from wonderful Hamburg. Yesterday some frightening information from Mexico about a new, aggressive form of the swine flu reached the markets. This headed the U.S. stock market to strong losses intermittent.


Market review

Japan’s retail sales declined for 3.9 percent compare to a year earlier, which is the seventh decrease in a row. The world’s second-largest economy may shrink 3.3 percent during this fiscal year, which would be the sharpest contraction since the Second World War. Nevertheless the JPY gained against a basket of major currencies. The USD/JPY fell 0.41 percent and the EUR/JPY by 1.96 percent. This is the lowest level since more than six weeks. The JPY rose on speculation that the spreading outbreak of the swine flu will increase demand for safety. The EUR also weaken against the USD said the ECB member Ewald Nowotny yesterday. The bank is ready to use unconventional measures of quantitative easing, to improve the flow of credit. While ECB President, Jean-Claude Trichet said, “we have seen liquidity flows moving back from our balance sheet to the money market. This is a sign of improving confidence and more favorable conditions.” EUR/USD fell today in the early Tokyo trading session below the 1.3000 level. The AUD and NZD were also bonded by speculation that the spreading swine flu will hurt tourism and could spurring investors to sell riskier assets. Yesterday the AUD/USD decreased 1.87 percent from 0.7236 to 0.7031.


USD/CHF

USDCHF

In April the USD/CHF is moving in a zigzag course. Now the currency pair trades close to an upward trend-line and crossed its resistance at 1.510. It remains to be seen if the next resistance at 1.1605 could breach as well. The MA Oscillator Indicator may support further bullish movements. If the 1.1605 level would be crossed, the next upside potential would the 1.1721 resistance.


GBP/AUD

GBPAUD

The currency pair touched its lowest level on April 10th and marks the 0.00 percent line of the Fibonacci retracement levels. Yesterday the GBP/AUD rose over its 61.8 percent line. This may be an important support to extend the bullish movement. Additionally the MA Oscillator may give further bullish signs.

Published on  Tue, Apr 28 2009, 08:42 GMT


Varengold Wertpapierhandelsbank AG http://www.varengold.de/ | info@varengold.de

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This document is issued and approved by Varengold WPH Bank AG. The document is only intended for market counterparties and intermediate customers who are expected to make their own investment decisions without undue reliance on the information set out within the document. It may not be reproduced or further distributed, in whole or in part, for any purpose. Due to international laws/regulations not all financial instruments/services may be available to all clients. You should have informed yourself about and observe any such restrictions when considering a potential investment decision. This electronic communication and its contents are intended for the recipient only and may contain confidential, non public and/or privileged information. If you have received this electronic communication in error, please advise the sender immediately, and delete it from your system (if permitted by law). Varengold does not warrant the accuracy, completeness or correctness of any information herein or the appropriateness of any transaction. Nothing herein shall be construed as a recommendation or solicitation to purchase or sell any financial product. This communication is for informational purposes only. Any market or other views expressed herein are those of the sender only as of the date indicated and not of Varengold. Varengold reserves the right to consider any order sent electronically as not received unless it is confirmed verbally or through other means.
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