OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: USD/CHF falls to 0.9395/97

The USD/CHF has fallen in recent moments as market participants digest the steady tranche of economic data emanating out of Europe Tuesday, Earlier the pair broke below the 0.9400 level and is presently testing this region, incurring a loss of -0.14% during European trading.

In the EMU, the Markit Services PMI yielded a figure of 47.9 in February, against consensus expectations of 47.3. Meanwhile, the Markit PMI composite came in at 47.9 in the month of February, exceeding estimates calling for 47.3 In Germany, the Markit Services PMI (February) gave 54.7, vs. 54.1 projected.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The USD/CHF remains in a near-term corrective mode off fresh high at 0.9461 (01 March high). Initial support lies at 0.9400, reinforced by 55-day EMA, however, with hourly studies moving into negative territory and 4h indicators reversing from overbought zone, further easing cannot be ruled out.”

Drvenica cites the next supports at the 0.9391 level, onto 0.9370, and finally 0.9350. On the ascension, a break above the 0.9418 handle and first resistance will trigger additional means of correction at 0.9440 and 0.9461.

Commodities Brief – Silver makes upside attempt at 29.00, precious metals eye central banks and US data

Gold prices have rallied Tuesday after a forgettable string of sessions that left the yellow metal incurring losses or trading sideways. However, with the advent of several central banking decisions, suddenly gold is back in play, as investors welcome it back as a bulwark against potential monetary policy decisions and ultimately inflation. Having jumped to the 1583 region (session highs) during overnight trading, the price of gold has now eased slightly back towards USD $1579.60 per oz. in these moments. Ultimately, investors will be mindful of the impending payrolls data in the United States towards the end of the week, which should provide an accurate snapshot of the US economy in the wake of checkered data last week.
Read more Previous

Forex: EUR/GBP rallies on EMU Services PMI, waiting for UK data

Better than expected figures in the German and French Markit Services PMI are boosting euro sentiment against its counterparts. The final reading of February PMI Composite in the Eurozone only eased from 48.6 to 47.9 (consensus of 47.3). The EMU services PMI had the same values. The EUR/GBP rallied to 0.8633 high.
Read more Next
Start livechat