USD/CHF
The pair consolidates under new 2-year high at 1.0159, posted on Thursday in extension of strong four-day advance (the pair was up 1.4% on Mon/Thu rally).
Bulls took out psychological 1.0 barrier and former highs at 1.0128 (13 Nov 2018) and 1.0124 (7 Mar, former 2019 high), opening way towards targets at 1.0175 (50% retracement of 1.3284/0.7067); 1.0325 (2015 high) and 1.0343 (2017 high), which also mark the ceiling of multi-year congestion and break higher would generate stronger bullish signal.
Near-term price action is looking for corrective easing, as overbought daily RSI/Stochastic are turning lower and momentum crested, signaling adjustment.
On the other side, strong bullish setup on weekly chart and the pair being on track for the biggest weekly gains since the last week of Sep 2018, continues to strongly underpin the action and suggest limited corrective movements.
Dips are expected to offer better opportunities for market entry, with rising 10SMA (1.0057) and psychological 1.00 level, offering solid supports which are expected to contain extended dips.
Res: 1.0153; 1.0159; 1.0175; 1.0200
Sup: 1.0129; 1.0092; 1.0057; 1.0000
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.