OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: USD/JPY upside stalled at 92.40

The USD/JPY has been strengthening as the European morning ended and was preparing to pass the torch to the US. From 92.02 on a risk-off flow, the pair recovered and went as high as 92.40 on the NY opening. The market has been finding resistance there since the Asian session drop below it.

The US Chicago PMI was expected to ease from 55.6 to 54.3 in February, but actual data surprised investors by increasing the expansionary pace to 56.8.

“Yesterday's rise from 91.12 managed to test 92.80 resistance area and with the current peak at 92.71 my outlook is already bearish, for a slide towards 90.86”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial minor support at 91.95.

American equity markets barely changed after GDP data

The US Stock market experienced a modestly positive opening Thursday, after the release of several US indicators. In the United States, Gross Domestic Product Annualized (Q4) came in at just +0.1%, against expectations of +0.05%. In addition, the Gross Domestic Product Price Index (Q4) grew +0.9%, vs. estimates of only +0.6%. Initial Jobless Claims (February 22) were reported at 344K, against a projected figure of 360K. Finally, Personal Consumption Expenditures Prices (QoQ) have grown +1.5% in the fourth quarter, compared with +1.2% previously.
Read more Previous

Forex: USD/CHF rises to 0.9330/40 resistance

The USD/CHF has been sistematically finding resistance at 0.9330/40 since January 21, and seems to be at a new attempt of breaking above. The pair regained the 0.9300 ground once the US GDP and jobless claims figure were released, keeping the upside steady. Good news coming from the US Chicago PMI allowed a move to 0.9329 high, for now.
Read more Next
Start livechat