Well, there were certainly no complaints when the yen was strengthening up until the end of last week. But now as yen bulls are throwing in the towel amid the latest round of disappointment from the BOJ, we are starting to see the verbal jawboning return.
This article was written by Justin Low at www.forexlive.com.
On the other hand, the SNB
raised interest rates by 25 bps as expected at the last meeting and
communicated that additional rate hikes cannot be ruled out as it maintains the
hawkish stance. The recent Swiss CPI data showed the inflation rate
returning back within the SNB target band and should translate into a pause for
the SNB at the next meeting, barring any upside surprise before the meeting.
USDCHF Technical Analysis –
Daily Timeframe
On the daily chart, we can see that USDCHF was
overstretched at some point as the price was too far from the blue 8 moving average. In such
instances, we can generally see some consolidation or a pullback into the
moving average to bring the market back into equilibrium. If the bearish bias
remains intact, a good resistance for the
sellers would be the 0.8761 level where we will also find the confluence with the
red 21 moving average.
USDCHF Technical Analysis –
4-hour Timeframe
On the 4-hour chart, we can see that the bearish
momentum was already waning as depicted by the divergence with the
MACD. In
fact, this is generally a sign of weakening momentum often followed by
pullbacks or reversals. The price has recently broken above the most recent
swing high at 0.8631 and then pulled back to retest it. We should see the
buyers piling in here with a defined risk below the level and target the 0.8761
resistance.
USDCHF Technical Analysis –
1-hour Timeframe
On the 1-hour chart, we can see that we
have also the confluence with the 38.2% Fibonacci retracement level near the
0.8631 level. This is a pretty strong support level and if the price breaks
below it, we should see the sellers stepping in and target a new low.
This article was written by FL Contributors at www.forexlive.com.
The Australian dollar got a double boost in trading yesterday but that is ultimately proving to be short-lived as the currency declines further again today. Against the dollar, AUD/USD traded to a high of 0.6846 yesterday but is now down nearly 100 pips from there to 0.6747 currently.
From a technical standpoint, yesterday’s gains were nothing significant as key resistance in the pair continues to sit closer towards the June highs near 0.6900. That was what helped to stop the strong push higher earlier this month as well.
Considering the latest downdraft, sellers look to continue the corrective move lower and the next target will be the 200-day moving average (blue line) at 0.6716 before looking at the 100-day moving average (red line) at 0.6685 at the moment.
This article was written by Justin Low at www.forexlive.com.
Die VW-Tochter liegt im Chinageschäft hinter der Konkurrenz zurück. Audis Joint-Venture-Partner SAIC prescht jetzt mit der Verkündung einer Einigung vor.
Statt bei Audi oder Mercedes setzen hiesige Autozulieferer neue Komponenten vermehrt zuerst in China ein. Damit wollen sie der deutschen Krise entgehen – doch das ist riskant.
Playmobil-Chef Steffen Höpfner hat nach unternehmensinternen Turbulenzen um die vorzeitige Auflösung seines Vertrags gebeten. Höpfner war seit 2016 Chef des Spielzeughändlers.
Die Branche wird von schwacher Nachfrage und hohen Produktionskosten geplagt. Für die zweite Jahreshälfte zeichnet der Verband ein düsteres Bild und senkt seine Prognosen deutlich.
Der Pharmazulieferer war ein großer Profiteur der Pandemie. Nun spürt der Dax-Konzern die Zurückhaltung der Kunden – hofft aber auf Besserung in der zweiten Jahreshälfte.
Schlechte Zahlen von Netflix und Tesla vom Vortag lasten auch am Freitag noch weltweit auf den Märkten. Der Dax startet mit negativer Tendenz.