OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: USD/CHF moving higher, above 0.9350

FXstreet.com (Barcelona) - After a quick drop to 0.9339 low, the USD/CHF held at 0.9350, and now that the market prepares for the European session, the pair is climbing the chart and adding gains. As of writing, the cross is at 0.9364 high.

In regard to PMI services data in euro countries, most should see slight improvement except for Germany (consensus of a drop from 50.9 to 49.2). The EMU figure is expected to rise from 46.4 to 46.6 and the EMU Composite PMI to stay unchanged at 46.5. Eurozone retail sales is expected to drop by -0.1%, with YoY data easing from -1.4% to -1.9%.

“Rallies still need to regain the 0.9369/93 pivot (November and January highs as well as the 200- and 55-day moving averages) to alleviate immediate downside pressure and re-target the 0.9489 ten month downtrend”, wrote Commerzbank analyst Karen Jones, seeing support at 0.9252.

GBP/USD - Faltered at 1.5605 Resistance - Could be a top for now.

GBP lost more steam after stronger than expected US NFP numbers of Friday.
Read more Previous

Forex Flash: Australian retail sales drop but not affecting tomorrow’s RBA decision much – TD Securities

Australian retail sales disappointed at the headline level, down –0.4% in March (consensus +0.1%), but a jump in sales volumes (+2.2% in Q1) bodes well for Q1 GDP, according to TD Securities analysts: “We see today’s report as, at the margin, supporting the case for another month of ‘wait and see’ for the RBA”, wrote analyst Alvin Pontoh, adding that swap markets still price in 50-50 on a rate cut tomorrow.
Read more Next
Start livechat