Fri, Jan 22, 2021 @ 21:27 GMT
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Canadian Dollar Rises Ahead Of The BOC Decision

The euro bounced back today after relatively strong economic data from Europe. In Germany, survey data by ZEW showed that the current conditions improved from -66.5 to -66.4 in January. The economic sentiment increased from 55.0 to 61.8. In the Eurozone, the economic sentiment rose from 54.4 to 58.3,...

Euro Rises While Dollar and Yen Stay Pressured

Yen and Dollar remain the worst performing ones for today with markets generally in risk-on mode. Investors are awaiting US Treasury nominee Janet Yellen's Senate hearing for more information on the her stance on fiscal stimulus and Dollar exchange rate. Though, buying focuses turned from commodity currencies to Euro...

CHF/JPY rebounds from 55 D EMA, Yen to underperform further

CHF/JPY rebounds strongly today, following broad based selloff in Yen, and to a lesser extend the Franc. Overall development suggests the Yen could underpeform the Franc, for the near term at least. Strong support seen in 55 day EMA suggests underlying near term bullishness. Also, the price actions from 117.73...

Asian Markets Surge With Strong Risk Appetite, Yen Under Heavy Selling

Asian markets are trading in strong risk-on mode today, with particular strength seen in Hong Kong. DOW future is also currently up 150 pts, as markets look forward to US Treasury nominee Janet Yellen's confirmation hearing. Yen is back under heavy selling pressure, followed by Dollar and Swiss Franc....

Prospect of stronger rebound in EUR/CHF, EUR/JPY and EUR/USD today

Following strong risk on-markets in Asia, Euro is trading generally higher against Dollar, Yen and Swiss Franc. Considering that respectively pairs have just drew support from near term support levels, there is prospect of a stronger rebound in the common currency today. EUR/CHF recovered after touching 1.0737 near term support...

Dollar and Yen in Driving Seat While Other Markets Turned Mixed

Sterling ended the week as the best performing one. But the late selloff, and rejection by resistance against Dollar and Yen, suggest that the latter too were in the driving seat. Weakness was apparently see in Euro, New Zealand Dollar, and to a lesser extent Australian. Dollar could be...

CFTC Commitments of Traders – Rebound in USD Prone to be Short-lived

As suggested in the CFTC Commitments of Traders report in the week ended January 12, NET SHORT of USD Index futures fell -1 045 contracts to 14 952. Speculative long positions dropped -941 contracts, and short positions decreased -1 986 contracts. USD rebounded as talks about Fed's balance sheet...

Sterling Strong in Mixed Markets, Dollar Stabilizes

Sterling strength continues today, in the otherwise mixed markets. UK Prime Minister Boris Johnson told the parliament that restrictions measures are already "starting to have an effect in many parts of the country". Canadian Dollar is following as second strongest for today, lifted slightly by upside acceleration in oil...

GBP/CHF breaks through 1.2118, ready to resume rise from 1.1102

GBP/CHF rides on broad based rally in Sterling this week and breaks through 1.2118 resistance. The development suggests resumption of the rise from 1.1683. Further rally is expected as long as 1.2054 support holds, for 1.2203/59 resistance zone. Decisive break there will resume whole rebound from 1.1102 to 61.8,...

USD/JPY rejected by channel resistance, keeping outlook bearish

Dollar drops broadly today after some Fed officials toned down the talks of tapering the asset purchase program. In general, they believe it's premature to even start the discussion of withdrawing stimulus. USD/JPY's break of 103.59 minor support suggests that it's already rejected by falling channel resistance, after failing to...

EURCHF Ebbs Off Heavy Border; Progressive Picture Unbroken

EURCHF has abated to the mid-Bollinger band around 1.0819 after recent attempts to appreciate, including the false break out of 1.0891, were capped by the upper Bollinger band and the tough resistance ceiling of 1.0857-1.0877. The simple moving averages (SMAs) are promoting an overall neutral-to-bullish demeanour in the pair. The...

Sterling Rises on BoE Comments, Dollar Lost Momentum

Sterling surges broadly today after BoE Governor criticized that negative interest rates have a lot of issues. Commodity currencies are currently the next strongest, reversing some of this week's pull back. On the other hand, Dollar is now the weakest one for the day, as the near term recovery...

AUD/CHF 4H Chart: Two Scenarios Likely

Since November, the AUD/CHF exchange rate has been trading within a rising wedge pattern. From a theoretical perspective, it is likely that a breakout south from the predetermined pattern could occur in the nearest future. In this case the currency pair could target the Fibo 38.20% at 0.6433. Meanwhile, note that...

Light News Day For The Markets. Will The US Dollar Continue Higher?

There hasn’t been that much news to trade off today, yet the US dollar continues to trade higher. Republicans in the House of Representatives blocked a House resolution which would have called on Vice President Mike Pence to invoke the 25th amendment and remove President Trump from office. However,...

Dollar Rises Further, Gold Recovers, Stocks Pare Recent Gains

Dollar's rebound extends further today and remains firm entering into US session. Yen is following as the second strongest. Markets are paring back recent strong risk-on sentiment, on concern of near term deterioration in coronavirus spread and lockdowns. Commodity currencies are generally weakest for now, as led by Australian...

USDCHF Recovery Threats Remain Intact

USDCHF continues to eye further upside pressure closing higher on Friday and opening the door for more gain in the new week. Support comes in at the 0.8800 level. Below here, support lies at the 0.8750 level and then the 0.8700 level. Further down, support comes in at the...

CFTC Commitments of Traders – USD Started 2021 with More Selling

As suggested in the CFTC Commitments of Traders report in the week ended January 5, NET SHORT of USD Index futures added +395 contracts to 14 952. Speculative long positions climbed higher, by +279 contracts, and short positions increased +788 contracts. Concerning European currencies, NET LENGTH in EUR futures...

Dollar Recovers Despite Strong Risk-on Markets, More Rebound after NFP?

Asian markets are staying in full risk on mode, except China, following the record runs in US overnight. However, this time, Dollar is not facing much selling pressure, but recovered instead. The reflation trade and strong rally in treasury yield might finally start to give the greenback a floor....

USDCHF’s Improvement Curbed by Cloud and 100-Period MA

USDCHF remains negatively skewed on the four-our chart as the 100-period simple moving averages (SMAs) and the Ichimoku cloud capped the pair’s recent bounce from a formed almost 6-year bottom of 0.8757. The Ichimoku lines have become fairly stagnant, promoting frailty in recent positive sentiment. However, the steadfast bearish...

NZD/CHF 4H Chart: Two Scenarios Likely

Since September, the NZD/CHF exchange rate has been appreciating within a rising wedge pattern. From a theoretical perspective, it is likely that the currency pair could breach the predetermined pattern within the following trading sessions. Note that the pair could gain support from the Fibos 50.00% and 38.20%, located at...

CHF/SGD 4H Chart: Rising Wedge Pattern In Sight

Since the end of October, the CHF/SGD currency pair has been trading within a rising wedge pattern. From a theoretical point of view, it is likely that the exchange rate could breach the predetermined pattern south within the following trading sessions. Note that the rate could gain support from the...

Focus Turns to Yen Selling as Treasury Yields Surge

Yen selling takes center stage today, following strong rise in global treasury yields. In particular, US 10-year yield is trading at 0.99 at the time of writing, after hitting 1.037 earlier. Dollar remains generally pressured, and even the recovery against Yen is weak. The surprised contraction in ADP employment...

USD/CHF Outlook: Swiss Franc Hits The Highest Since Jan 2015 Vs US dollar

The pair extends weakness on Wednesday and dips to the lowest since January 2015, when the Swiss National Bank freed the franc to rise, as news that Democrats move closer to Senate control, added pressure on the US dollar. Strong franc's rise is mainly driven by dollar selling and should...

Dollar Weakens in Quiet Markets, But Holding in Range

Dollar weakens again in rather quiet markets today. But there is no committed selling so far, as the greenback is staying inside yesterday's range. European majors also soften, on lockdown concerns, and shrug of solid German economic data. Commodity currencies are stronger in general, even though risk markets are...

EUR/CHF to gyrate lower despite positive German data

Economic data from Germany are generally positive. Retail sales rose 1.9% mom in November, versus expectation of -2.2% mom contraction. Destatis added that retail turnover in 202 is expected to be between 3.9% and 4.3% higher than in 2019. Unemployment dropped -37k in December, versus expectation of 10k. Unemployment rate...

US Stocks Slump On The Rising Coronavirus Cases

US stocks fell sharply yesterday as investors remained fixated on the rising number of coronavirus cases in the United States. The Dow Jones declined by more than 600 points while the S&P 500 and Nasdaq 100 declined by more than 2%. The number of new cases in the United...

CFTC Commitments of Traders – USD Index Finished 2020 in Net Short, Losing 6%

As suggested in the CFTC Commitments of Traders report in the week ended December 29, NET SHORT of USD Index futures slipped -318 contracts to 14 557. Speculative long positions gained +1 106 contracts and short positions added +788 contracts. USD Index dropped about -6% last year. Concerning European...

Swiss Franc Rises on Strong Swiss KOF

The Swiss franc has taken a pause from this week’s rally. Currently, USD/CHF is trading at 0.8847, up 0.08% on the day. USD/CHF is in positive territory this week, and dipped to a low of 0.8815 earlier on Wednesday. This marked the currency’s lowest level since May 2014. This news...

USDCHF Sets a Floor Near Fresh 6-Year Lows; Bearish Overall

USDCHF, capped by the 20-day simple moving average (SMA), inched down to a new six-year low of 0.8814 on Wednesday. While the recent negative correction resurfaced fears of a stronger downtrend, the 0.8824 support region, which acted as resistance back in January 2015, continues to hold firm, giving another opportunity...

USD Continues To Weaken Despite Delay In Stimulus

The USD continued to weaken yesterday, with a number of major currency pairs not seeing such a weak dollar for the past two and a half years. Greenbacks’ bears largely ignored a number of worrying signs, as safe-haven demand seemed to be lacking for the USD, yet three fundamental...