Share:

GBP/USD breaks support

The pound fell back after the BoE hinted at a slower tightening as inflation seemed to have peaked. The medium-term outlook still supports the recovery theme after the pair bounced off 1.1900. The recent choppy action below the mid-December high of 1.2450 could be a mere consolidation phase even though short-term volatility cannot be ruled out. On the hourly chart, a break below 1.2270 would lead to 1.2170, forcing intraday bulls to reconsider. A close above 1.2300 is needed to alleviate the downward pressure.

Chart

USD/CHF sees limited rebound

The US dollar recoups some losses as traders await nonfarm payrolls. On the daily chart, the 20 and 30-day SMAs have acted as strong resistance, and the consolidation area around 0.9100 from late 2021 so far has failed to offer meaningful support. The short-term price action led to a bounce as the RSI’s double dip in the oversold area prompted some sellers to take profit, driving the price up momentarily. 0.9200 is the first hurdle ahead and a fall back below 0.9050 would expose the psychological level of 0.9000.

Chart

Nasdaq 100 climbs along trend line

The Nasdaq 100 rallies as investors keep going risk-on. The rally further gained traction after its surge above December’s high of 12200. Strong momentum is a sign that the bears are staying on the sidelines. The bullish drive supported by a rising trend line has made an attempt at last September’s peak of 12880. The RSI’s overbought condition may lead to a brief pause but trend followers might be eager to keep the direction intact. 12050 at the base of the latest rally sits on the trend line, making it an important floor.

Chart

Share: Feed news

This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.

Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

AUD/USD continues to juggle below 0.6660 ahead of Australian Retail Sales and CPI data

AUD/USD continues to juggle below 0.6660 ahead of Australian Retail Sales and CPI data

The AUD/USD pair is demonstrating a back-and-forth action below 0.6660 from Friday’s session. The sideways performance in the Aussie asset is expected to conclude and a power-pack action will be witnessed. 

AUD/USD News

EUR/USD bulls attack 1.0800 amid risk-on mood, focus on ECB’s Lagarde, US Consumer Confidence

EUR/USD bulls attack 1.0800 amid risk-on mood, focus on ECB’s Lagarde, US Consumer Confidence

EUR/USD extends the week-start recovery to 1.0800 during early Asian session on Tuesday, picking up bids to refresh the intraday high of late, as the risk-on mood joins the hawkish comments from the European Central Bank (ECB) officials. 

EUR/USD News

Gold faces resistance around $1,960 as US banking jitters ease, Yields soar

Gold faces resistance around $1,960 as US banking jitters ease, Yields soar

Gold is juggling below $1,960.00 in the early Asian session. The upside for the Gold price seems restricted as fears of the United States banking debacle have eased. Therefore, investors have liquidated their positions in Gold and US government bonds.

Gold News

90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity

90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity

Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan. 

Read more

Central banks are running full speed ahead to prevent the sense of a global crisis

Central banks are running full speed ahead to prevent the sense of a global crisis

Everyone wonders if a crisis mentality is not inevitable anyway. The Fed is mulling over whether to expand the emergency lending program instead of offering it upfront before the dirt hits the fan. Even if an actual crisis is averted, a credit crunch is clearly loaming.

Read more

Majors

Cryptocurrencies

Signatures