GOLD And Swiss Franc Loses Ground, Eye Lows

GOLD And Swiss Franc Loses Ground, Eye Lows

By: Ben Myers | Where To Trade | On:04-02-2015 16:06
Back

Key Highlights

  • Swiss franc weakened a lot against the Swiss franc, as the EURCHF pair managed to correct higher in the near term.

  • In New Zealand Employment Change released by the Statistics New Zealand came in at 1.2%, compared with the last reading of 0.8% and forecast was also lined up for 0.8% in the fourth quarter of 2014.

  • New Zealand unemployment rate registered a reading of 5.7% whereas the market was expecting it be around 5.3%, down from 5.4%.

  • Australian AIG Performance of Services Index released by the Australian Industry Group came in at 49.9, compared with the last reading of 47.5.

  • In the UK, British Retail Consortium (BRC) Shop Price Index released posted a reading of -1.3% in January 2015, compared to the preceding month reading of -1.7%.

  • Japanese Services Purchasing Managers Index (PMI) released by Markit Economics posted a reading of 51.3, compared with last reading of 51.7.

  • Aussie dollar somehow managed to recover from the recent drop and traded above 0.7640.

USDCHF

The US dollar corrected lower against the Euro and the British pound, but was seen trading higher against the Swiss franc. However, the 0.9300 resistance area is acting as a resistance for the pair, which might cause a downside reaction in the near term. There is a bullish trend line on the 4 hour chart of the USDCHF pair, which is acting as a catalyst for the pair. We need to see how the pair trades if it moves lower from the current levels and test the highlighted trend line.

Intraday Support Level – 0.9160

Intraday Resistance Level – 0.9280

  • Overall, as long as the pair is above the highlighted trend line it might continue trading higher.

  • A break below the mentioned level could take the pair towards the 0.9000 level.

On the downside, a break lower could ignite a move towards the 0.9000 level, which can be considered as the next important barrier for the US dollar sellers.

GBPUSD

The British Pound finally managed to gain ground against the US dollar, as the recent releases in the UK managed to post good result. This lifted buyer’s sentiment and helped the GBPUSD pair to some extent. However, there remains a major bearish trend line on the 4 hour chart, which must be watched as it might protect the upside in the pair. Moreover, the 38.2% fib retracement level of the last drop from the 1.5619 high to 1.4951 low is also sitting around the same trend line. So, there is a major resistance around the 1.5200 area. Sellers might take a stand around the mentioned area.

Intraday Support Level – 1.5100

Intraday Resistance Level – 1.5200

  • Selling rallies around the highlighted trend line look like a good option.

  • A break above the 1.5200 level would call for more gains moving ahead.

If the GBPUSD pair fails to move higher, then a move back towards the 1.5100 level is possible in the near term. Let us see how it trades moving ahead.

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

Yen Looks Set For More Losses

Yen Looks Set For More Losses

By: Simon Furman | Where To Trade | On:01-05-2015 11:16

Japanese yen tumbled against most currencies including the Euro and the US dollar, and it looks like it might continue to head lower in the near term.

AUDUSD Remains Buy On Dips

AUDUSD Remains Buy On Dips

By: Ben Myers | Where To Trade | On:30-04-2015 11:13

Aussie dollar was one of the best performing currencies as it traded higher against most major currencies, and looks set for more gains in the short term.

USDCHF At Risk Of A Major Break

USDCHF At Risk Of A Major Break

By: Darryl Frankfort | Where To Trade | On:29-04-2015 11:09

US dollar dived sharply against the Swiss franc and other major currencies, as sellers managed to gain strength exposing a major break in the USDCHF pair in the near term.

US Dollar Poised For Further Rise Versus Yen

US Dollar Poised For Further Rise Versus Yen

By: James Ansher | Where To Trade | On:28-04-2015 10:58

Japanese yen once again failed to hold the ground and lost all the gains against currencies like the US Dollar and the Euro, which exposes it for more declines in the near future.

NZDUSD Gains Favored As It Holds Key Lows

NZDUSD Gains Favored As It Holds Key Lows

By: Oliver Miller | Where To Trade | On:27-04-2015 10:50

New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.

StockPair

Press Release

YesOption Voted Best Technical Analysis by DailyForex

YesOption Voted Best Technical Analysis by DailyForex

August 12, 2014 - London, UK, - Leading online forex and binary options trading platform - www.yesoption.com has once again made the news by being awarded the prestigious award of ‘Best Technical Analysis of 2014’ ...
24option binary options broker review

24option binary options broker review

Plus500Findings.com is recently launched online to help traders decide which broker they could open an account. 24Option, one of the popular trading platform online is reviewed whether it is legitimate broker or scam. This reviews and findings are of great benefits for traders, especially for those novice ones, who are just starting in the trading industry. ...
Banc De Binary Expands Investment Research Service

Banc De Binary Expands Investment Research Service

Leading Investment Firm, Banc De Binary, which specializes in binary options trading, has added a new weekly video series and trading webinars to the investment research service that it provides to its clients. ...

Articles

Citigroup Inc. is to pay $25 million amends

Citigroup Inc. is to pay $25 million amends

Citigroup accepted to pay the amends without denying the accusation ...
Netflix added 7.1 million new subscribers

Netflix added 7.1 million new subscribers

Netflix Inc. managed to add in the last quarter of 2016 more subscribers than expected ...
The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

On Wednesday, Federal Reserve Chair Janet Yellen spoke about the interest rates and about the United States' economy ...
StockPair

Featured Listings