Swiss Franc Might Gain Ground Moving Ahead

Swiss Franc Might Gain Ground Moving Ahead

By: Oliver Miller | Where To Trade | On:19-03-2015 09:37
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Key Highlights

  • US dollar traded lower after the Fed interest rate decision, and the Swiss franc seems to be a gainer.

  • In the New Zealand, the Gross Domestic Product i.e. a measure of the total value of all goods and services produced by New Zealand released by the Statistics New Zealand registered an increase of 0.8% in the fourth quarter of 2015, compared to the preceding quarter of 2014.

  • In terms of the yearly change, the New Zealand GDP posted a 3.5% gain in Q4 2014, compared to Q4 2013.

  • In Australia, the RBA Bulletin was published by Reserve Bank of Australia containing articles and speeches that discuss economic and financial developments as well as the Bank's operations.

  • Japanese Securities investment, released by Ministry of Finance representing bonds issued in a domestic market by a foreign entity in the domestic market’s currency registered a reading of ¥551.1B.

  • Japanese Foreign investment in Japan stocks came in at ¥244.3B, compared to the last reading of ¥350.5B.

  • SNB interest rate decision is a major release lined up today in which the market is expecting no change.

AUDCHF

The Swiss franc was seen gaining ground recently especially against currencies such as the Australian dollar and the British pound. The AUDCHF pair traded lower and cleared an important support area in the form of a bullish trend line on the 4 hour chart. The recent break ignited a downside reaction in the pair, which could take it towards the 50% fib retracement level of the last leg from the 0.7405 low to 0.7738 high in the near term. The most important point is the fact that the 100 hour moving average is also sitting around the same fib level. So, there is a chance that buyers might appear around the 0.7570 level.

Intraday Support Level – 0.7570

Intraday Resistance Level – 0.7680

  • Overall, as long as the pair is below the 0.7680 level it might continue trading lower.

  • A break below the stated level could ignite more gains moving ahead.

If the AUDCHF pair moves back higher in the near term, then initial resistance is around the 0.7680 level. A break above the same might call for a test of the last high of 0.7740.

EURGBP

The Euro for a change managed to gain strength against the British pound. The EURGBP pair breached an important bearish trend line on the 4 hour chart. This particular break might encourage the Euro buyers in the near term. Moreover, the pair is flirting around the 100 simple moving average (SMA) – 4H, which is around the 50% fib retracement level of the last leg from the 0.7427 high to 0.7015 low. Let’s see how it trades moving ahead.

Intraday Support Level – 0.7180

Intraday Resistance Level – 0.7300

  • Selling rallies around the 200 MA look like a good option.

  • A break above the same might call for more gains moving ahead.

On the upside, the EURGBP pair might struggle around the 200 SMA, which is at 0.7340.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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