USDCHF Struggling To Gain Momentum; GBPUSD Trades Positive

USDCHF Struggling To Gain Momentum; GBPUSD Trades Positive

By: Oliver Miller | Where To Trade | On:18-02-2015 15:15
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Key Highlights

  • US dollar gained against the Swiss franc recently, but every time it acquired strength sellers appear to protect the upside in the USDCHF pair.

  • US Small Business Health Index released by the Fit Small Business registered a decline in November 2014 from 59.1 to 50.4, and the last reading was revised down from 59.5 to 59.1.

  • In Australian the Conference Board Australia leading Index released by the Conference Board registered a reading of 0.4% in December 2014, compared to the last increase of 0.1%..

  • Australian Westpac Leading Index released by the Melbourne Institute came in at 0.1% in January, compared to preceding month in which it remained flat at 0%.

  • BOJ interest rate decision and an official monetary policy statement was released by the Policy Board of the Bank of Japan which ignited some moves in the Japanese yen pairs.

  • BOJ kept the interest rates as it is as expected by the Forex market.

GBPUSD

The British pound was seen trading higher against the US dollar despite a weak consumer price index which was released in the UK yesterday. The GBPUSD pair has a monster bullish trend line on the 4 hour chart, which is likely to act as a support in the near term. The key point to note here is that the 100 and 200 4-hour simple moving averages are also sitting around the same area. Not only this, the 50% fib retracement level of the last leg from the 1.4988 low to 1.5441 high is also around the highlighted support area at 1.5240-20. In short, there is a major support around the bullish trend line.

Intraday Support Level – 1.5310

Intraday Resistance Level – 1.5400

  • Overall, as long as the pair is above the 100 4-hour MA it might continue trading higher.

  • A break below the same could take the pair towards the 1.5100 level.

On the upside, the most important resistance is around the 1.5400 level where the GBPUSD pair struggled time and again. A break above the same might call for a move toward the 1.5440 level.

USDCHF

There is a lot going on in the USDCHF pair, as it continued to struggle in the short term around the 0.9360-80 resistance area. However, one positive thing to note was the fact that the pair managed to clear a bearish trend line on the 4 hour chart, which might give some hope to the US dollar buyers. However, a break above the mentioned area is needed in order for further strength in the short term. Moreover, the 200 4-hour simple moving average is also aligned on the upside and waiting patiently to act as a resistance for the pair.

Intraday Support Level – 0.9320

Intraday Resistance Level – 0.9380

  • Selling rallies around the 0.9360 level line look like a good option.

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

On the downside, the 0.9301-20 support area might act as a hurdle for the USDCHF pair moving ahead.

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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