- The dollar sells off into the close as USD/CHF and USD/JPY sell-off into the close.
- This all makes for a very interesting lead into next week.
EUR/USD weekly chart
The EUR/USD weekly chart is coming up to a massive resistance zone. This is not the only FX pair moving to a major level as the other charts in the article point out. Some analysts are pointing out that the dollar sell-off may be overdone. Even since some of these calls have come to market the dollar has still continued to capitulate. The EUR is the best of a bad bunch at the moment. The 27 member group is over the worst of the COVID-19 pandemic for the moment. The Eurogroup also passed the recovery deal which sees some of the worst-hit nations receive some relief money in the form of grants. Next week there is the Fed meeting, US government stimulus decisions and more US-China shenanigans to look forward too.
GBP/USD daily chart
GBP/USD has now broken the trendline to the upside. This is a technically valid trendline as it has more than two touches and a break could mean higher levels are to come. GBP would not be the best currency to chose out of the G6 as Brexit issues are still hanging over the UK like a dark cloud. The economy is still very much in its infancy in terms of the recovery from the coronavirus pandemic too.
USD/CHF weekly chart
USD/CHF is heading to a massive level. We are now very close to the consolidation low after the SNB chose to remove the CHF - EUR peg back in January 2015. The price bounced of the 0.92 level at least four times after the CHF strength following the SNB peg incident. The CHF is a safe haven in nature but the SNB will not look to CHF strength very kindly. In previous occasions, the SNB has been known to intervene in the FX market if the domestic currency gets too firm. This is due to the fact that it will make their exports more expensive.
All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.
Recommended content
Editors’ Picks
USD/JPY flat-lines below 151.50 after soft Japanese CPI data
USD/JPY stays defensive below 151.50 after the release of a soft Japan's CPI report and mixed Industrial Production and Retail Sales data on Friday. Japanese verbal intervention also weighs on the pair amid the holiday-thinned conditions on Good Friday. US PCE inflation awaited.
AUD/USD buyers lack vigor above 0.6500 amid Good Friday trading lull
AUD/USD is trading listlessly above 0.6500 in the Asian session amid light trading on Good Friday. The Aussie pair shrugs off encouraging comments from China's FX regulator, as price action remains subdued ahead of the US PCE inflation data.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. As this coiling up comes undone, investors can expect XRP to kickstart a massive rally.
Will they won’t they cut rates is the question of Q2?
There has been some significant push back from Fed and Bank of England members around the timing of rate cuts, and the Bank of Japan still haven’t physically intervened in the FX market to stem yen weakness although they are threatening to do so.