EUR/CHF Rebounds, but Still Below the Lower End of a Range

JFD Team JFD

EUR/CHF has been in a recovery mode since Thursday, when it hit support near 1.1057. The day before, the rate tumbled and broke below 1.1137, the lower end of a range that contained the price action since May 22^nd, while the aftermath recovery, at least up until now, remains limited below that boundary. Thus, as long as EUR/CHF is trading below 1.1137, we will hold a bearish stance.

If the bears are strong enough to take charge from current levels, then we may see them driving the battle back down for another test near 1.1057. Another break, below 1.1057, could encourage more sellers to jump into the action and perhaps set the stage for our next support area, at around 1.0985, defined by the lows of July 13^th and 19^th, 2017.

Looking at our short-term momentum indicators, we see that the RSI turned down from slightly below 50, while the MACD, although above its trigger line, lies within its negative territory and shows signs that it could start turning south as well. These indicators suggest that the current recovery may be in its last stages and that the bears may be ready to take the reins again soon.

On the upside, a decent move back above 1.1175 could confirm the rate’s return back within the aforementioned sideways range, and thereby turn the near-term outlook back to flat. The recovery could continue with the range, with the rate initially testing the 1.1213 area, the break of which may allow extensions towards the upper bound of the range, at around 1.1265.

JFDBANK.com - One-stop Multi-asset Experience for Trading and Investment Services

Author

JFD Team

JFD

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.