The greenback is approaching a longtime resistance on the 1-hour timeframe.
Will USD/CHF lengthen its downtrend?
Earlier than shifting on, ICYMI, yesterday’s watchlist checked out GBP/NZD’s Double Bottom pattern at the bottom of a range. You’ll want to take a look at if it’s nonetheless a legitimate play!
And now for the headlines that rocked the markets within the final trading sessions:
Recent Market Headlines & Financial Information:
Putin desires ‘unfriendly’ nations to pay for Russian fuel in roubles
U.S. new house gross sales drop additional, down by 2% in February as mortgages charges and costs rise
U.S. crude oil and gas inventories fell throughout the board final week
Britain to chop gas obligation by 5p per litre for one 12 months
AU manufacturing PMI improves from 57.zero to 57.three in March
AU companies PMI greater from 57.four to 57.9 in March
BOJ board agreed inflation might overshoot expectations – Jan assembly minutes
Japan PMI manufacturing rose to 53.2 in March, PMI companies rose to 48.7
U.S. reinstates 352 product exclusions from China tariffs
Asia FX bears stay agency as dangers from geopolitics, inflation persist
France’s manufacturing and companies PMIs at 8:15 am GMT
SNB’s financial coverage resolution at 8:30 am GMT
Germany’s manufacturing and companies PMIs at 8:30 am GMT
Eurozone’s manufacturing and companies PMIs at 9:00 am GMT
U.Ok.’s manufacturing and companies PMIs at 9:30 am GMT
U.S. core sturdy items orders at 12:30 pm GMT
U.S. preliminary jobless claims at 12:30 pm GMT
U.S. manufacturing and companies PMIs at 1:45 pm GMT
Use our new Currency Heat Map to shortly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️
What to Watch: USD/CHF
USD/CHF has been on a downtrend since mid-March nevertheless it appears like there are sufficient bulls across the .9300 psychological degree to maintain the greenback afloat.
Immediately’s parade of lower-tier financial releases may dictate the greenback’s developments within the subsequent buying and selling periods.
The percentages favor greenback bears as USD/CHF hangs out close to the 100 SMA, .9350 minor psychological zone, and the channel resistance on the 1-hour timeframe.
It doesn’t damage the bears that Markit’s March manufacturing and companies PMIs are anticipated to print decrease than their February readings.
Don’t low cost an upside breakout although! Market bulls are nonetheless feelin’ the love for the greenback after Fed Governor Powell hinted a number of charge hikes within the foreseeable future.
Watch how USD/CHF reacts to the channel resistance. A rejection on the 100 SMA space may drag the greenback again all the way down to its weekly lows.
A transparent break above the channel, nonetheless, may enhance USD/CHF to the .9370 or .9400 earlier areas of curiosity.