Tag: Forex

EUR/CHF: Is the pair getting ready for more bearish move?

EUR/CHF has been in consolidation on the daily chart for the last four trading days. The pair upon finding its resistance around 1.05960 made a bearish move and had a bounce at a support zone where the price had a bounce earlier as well. However, Friday’s candle came out as a bearish engulfing candle. Thus the sellers may look to go short in the pair. Let us now have a look at three major charts. Chart 1 EUR/CHF Daily Chart The chart shows that the price has been bearish on the daily chart for many days. It had a bounce around 1.05960 twice. Thus, the price has been in consolidation around the level. Since Friday’s candle came out as a bearish engulfing candle after consolidation, the pair may get bearish again. The daily sellers may go short below the level of 1.05180. The price may find its next support around 1.03510. On the other hand, the price is at a triple bottom. Thus, a bullish reversal candle may change the equation and push the price towards the North. If the chart gets bullish, it may find its next resistance 1.05960. Chart 2 EUR/CHF H4 Chart The H4 chart shows that the price produced a bearish inside bar at 1.05460, which is a flipped resistance. The price had a rejection earlier; thus, a breakout at 1.05215 would be considered as a breakout at a double top’s neckline. This may attract the H4 sellers to go short in the pair and drive

Read More

Daily F.X. Analysis, May 11 – Stronger Dollar Sentiment Amid Positive NFP! 

During the last week on Friday, the data from the U.S. showed the unemployment rate climbed to 14.7% from the expected 16% and again supported the U.S. dollar. The Average Hourly Earnings from the U.S. also increased to 4.7% from expected0.5% and supported the dollar. On the news front, the eyes will remain on the European industrial production figures, but the event is a medium impact, and it may not drive sharp selling or buying in the market today. Economic Calendar          BTC/USD – Daily Analysis The BTC/USD prices have declined towards the $8,000 support mark after being discarded from the psychological $10,000 resistance mark during the weekend. Looking forward to this week, the BTCUSD sellers seem dominant, and they may target the $6,500 mark if they can drive a violation of BTC price below the $8,000 support zone this week.  The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin’s downside is maintained by the assembly created by the 61.8% Fibonacci level and the 200-day SMA. Today, a bearish breakout of 8,500 level may extend selling bias until the next support level of 8,230.  BTC/USD – Daily Technical Levels Support Resistance  8,054       9,485 7,376      10,239 6,622 

Read More

Daily F.X. Analysis, May 08 – Big Day, the U.S. Non-farm Payroll Ahead! 

The U.S. dollar lost its traction after the release of Unemployment Claims for last week. Around 3.1M people reported to file claims for jobless benefits from the U.S. on Thursday and weighed on the U.S. dollar. However, it’s going to be a busy day for the U.S. dollar in the wake of high impacted labor market figures, which are due during the U.S. session today.  Economic Calendar        BTC/USD – Daily Analysis The BTC/USD is on the verge of a major breakout over a key mark of resistance after it examined $9,400 once again during yesterday evening. All of the dominoes have apparently fallen into position for BTC/USD as it advances its third block reward splitting in 11 years, with several traders demanding that it will work as an impetus for the bull market. The major level of resistance to look out for is $9,550, as this begins back to the $20,000 top in December 2017 with denials occurring along the way at $13,150, $12,500, and $10,500. Being able to achieve a daily or weekly over $9,550 would imply a clear change in the market from May when Bitcoin dropped to as low as $3,850. If a move to the upside occurs this weekend, it will symbolize a period of bullish trading above the coming weeks with targets commencing to begin over $13,000. BTC/USD – Daily Technical Levels Support Resistance  9,332      10,367 8,669     10,739 8,297     11,403 Pivot Point 9,704 BTC/USD – Daily Forecast The BTC/USD

Read More

Daily F.X. Analysis, May 07 – U.S. Unemployment Claims In Focus – Brace for Price Action! 

The US dollar traded higher on Thursday morning in Asia due to uncertainty surrounding the market. However, the gold has lost its $1,700 level because the dollar index hit the above high 100s in the wake of increased safe-haven demand. The US Dollar Index that tracks the greenback against a basket of other currencies increased 0.05% to 100.185 by 11:28 AM ET (4:28 AM GMT) as investors looked to the dollar as a safe-haven. Let’s wait for Jobless Claims now.  Economic Calendar          BTC/USD – Daily Analysis The Bitcoin prices showed a slight bears correction, but the overall trading range remains the same around 9,311. Before this, the BTC/USD price gained back a significant portion of its losses from Sunday’s weekly close retracement, and figures show that within a previous hour, the leading cryptocurrency has remained below the $9K mark again.  After allocating the last few days battling to keep prices over the $9,000 resistance, Bitcoin price caused a strong movement by climbing to $9,380 on Wednesday morning. The 3.65% move caught a place on a high volume wave, but the price immediately pulled backward to $9,126 before moving higher to $9,395 at the time of writing. With just four days and 16 hours left before the Bitcoin halving, investors will be carefully watching to see if the top-ranked crypto-asset on can push above the $9,500 resistance to reach $10,000.  BTC/USD – Daily Technical Levels Support Resistance  8,910         9,395 8,674         9,644 8,425 

Read More

Daily F.X. Analysis, May 06 – Series of Eurozone Final Services PMI In Highlights! 

dThe U.S. dollar edged higher on the back of better than expected performance of the Services Sector of the United States in April. At 19:00 GMT, the U.S. Institute of Supply Management released PMI for the Non-Manufacturing Industry, which exceeded the expectations of 37.5 and came in as 41.8 and supported the U.S. dollar.  Later today, the eyes will be on the series of low to medium impact Services PMI figures from the Eurozone. Alongside this, the U.S. ADP figures will also help drive some price action in the market during the U.S. session.  Economic Calendar        BTC/USD – Daily Analysis During the Asian session today, the Bitcoin prices showed a slight bears correction, but the overall trading range remains the same around 8,970/ Before that, the BTC/USD price gained back a significant portion of its losses from Sunday’s weekly close retracement, and figures show that within a previous hour the leading cryptocurrency has remained below the $9K mark again.  Despite testing the $8,500 previously, BTC/USD price immediately rebounded and gained support in the $8,700-$8,850 range before spending the bulk of Monday consolidating in this zone. The BTC/USD prices showed some bearish movement considering a stronger U.S. dollar. However, the dovish monetary policy and low-interest rates from the Federal Reserve are likely to keep the Bitcoin bullish in the wake of potential weakness in USD. It seems like; the Bitcoin can hold in the overbought zone for days or even weeks before a correction ensues. BTC/USD – Daily Technical

Read More

Daily F.X. Analysis, May 05 – ISM Non-Manufacturing PMI In focus!

On Tuesday, the research firm Markit will report final readings of April Services PMI for the U.K. (12.3 expected) and the U.S. (27.0 expected). The European Commission will post March PPI (-2.7% on year expected). The U.S. Commerce Department will release March’s trade balance (44.2 billion dollars deficit expected). The Institute for Supply Management will publish its Non-manufacturing Index for April (37.8 expected). Economic Calendar           BTC/USD – Daily Analysis During the Asian session, the BTC/USD prices rose to break over the major resistance areas and to trade around $8,943. It crossed over the 200-day SMA (simple moving average), the 200-day EMA (exponential moving average), and the 0.618 Fibonacci Retracement level measured in within $3,600 and $14,000.  The BTC/USD is trading around to their highest levels in approximately two months, up as much as $9,478, following the release of worse than expected Jobless Claims data from the U.S. econoU.S.The recorded unemployed people for the previous week increased to 3839K against the expected 3500K and weighed on the U.S. dollar. It seems like the BTC/USD prices can remain high for a while now, considering the significantly low-interest rates, which are making dollar weaker versus Bitcoin. It seems like; the Bitcoin can hold in the overbought zone for days or even weeks before a correction ensues. BTC/USD – Daily Technical Levels Support Resistance  8,689       9,153 8,479       9,408 8,224       9,618 Pivot Point 8,943 BTC/USD – Daily Forecast The BTCUSD prices are on a bullish run,

Read More

Daily F.X. Analysis, May 04 – Eyes on E.U. Economic Forecasts! 

The U.S. dollar remains weaker due to more than expected unemployment claims. The recorded unemployed people for the previous week increased to 3839K against the expected 3500K and weighed on the U.S. dollar.  Later today, during the New York session, the market will be following ISM Manufacturing PMI from the United States. Later today, the eyes will remain on the E.U. Economic Forecasts as it may help drive some movement in the market today.  Economic Calendar          BTC/USD – Daily Analysis During the previous week, the BTC/USD prices soared sharply to violate major resistance areas and to trade around $9,400. It crossed over the 200-day SMA (simple moving average), the 200-day EMA (exponential moving average), and the 0.618 Fibonacci Retracement level measured in within $3,600 and $14,000.  The BTC/USD prices soared to their highest levels in approximately two months, up as much as $9,478, following the release of worse than expected Jobless Claims data from the U.S. econoU.S.The recorded unemployed people for the previous week increased to 3839K against the expected 3500K and weighed on the U.S. dollaU.S. It seems like the BTC/USD prices can remain high for a while now, considering the significantly low-interest rates, which are making dollar weaker versus Bitcoin. It seems like; the Bitcoin can hold in the overbought zone for days or even weeks before a correction ensues. BTC/USD – Daily Technical Levels Support Resistance  8,689       9,153 8,479       9,408 8,224       9,618 Pivot Point 8,943 BTC/USD – Daily

Read More

Daily F.X. Analysis, April 28 – U.S. C.B. Consumer Confidence In Highlights! 

A day before, the U.S. dollar slipped across the board as various countries laid out plans to loosen limitations on businesses that have been blocked in the wake of novel coronavirus outbreak, increasing risk appetite and reducing demand for the safe-haven U.S. currency. The significant movement with risk appetite will probably stem from expectations on when key economies resume. Today, the focus will remain on the latest updates from COVID19, European Spanish Unemployment Rate, and U.S. consumer confidence figures, which are expected to release during the trading sessions today.  Economic Calendar        BTC/USD – Daily Analysis On Monday, the Bitcoin prices haven’t changed much due to a lack of liquidity in the market. Even today, on Tuesday, the Bitcoin prices continue to move in a tight trading range 7,625 – 7,800. We can’t have much of the trading opportunity until the bitcoin prices break this range and determine the clear trend. Elsewhere, we can do choppy sessions until this range gets violated.  Previously, the BTC/USD abruptly soared over $7,700, indicating the remainder of the weekend, accompanying with the weekly close will generate higher than typical levels of movement. Overall, the BTC/USD prices remained comparatively stable during the weekend and even on Monday, maintaining last week’s accumulated gains over $7,500. Nevertheless, the bullish action immediately extended on the upper side, with $8,000 being the immediate resistance.  BTC/USD – Daily Technical Levels Support Resistance  7,685       7,847 7,579       7,904 7,522       8,010 Pivot Point 7,741 BTC/USD –

Read More

Daily F.X. Analysis, April 27 – Choppy Sessions Amid Mixed Risk Sentiment! 

The global stock market indices and the U.S. dollar seems to be proposing a potential turning point with the stimulus trade. Global stocks have been broadly backed by unique stimulus from central banks and states, but that appears to be missing some of its firepowers, while the constant demand for U.S. Bonds has buoyed the greenback.  The subsequent significant movement with risk appetite will probably stem from expectations on when key economies resume. Today, the focus will remain on the Japanese unemployment rate and the latest updates from COVID19.  Economic Calendar        BTC/USD – Daily Analysis The BTC/USD price continues to soar week in and week out, as another 9% has been combined to its price since the previous Sunday. Nevertheless, with the block reward halving being presented over two weeks away, and drilling pressure set to grow 5% further. The BTC/USD prices have abruptly jumped over $7,700, implying the remainder of the weekend, along with the weekly close will produce higher than usual levels of activity. The progress to $7,708 was short-lived but almost set a higher high above Thursday’s dramatic wave to $7,742.  Currently, the BTCUSD price is trading sideways between $7,600-$7,769 as traders have violated the intraday pivot point level of 7,632 to press the price above $7,600. Bullish seems stronger today.  BTC/USD – Daily Technical Levels Support Resistance  7,557        7,776 7,413        7,851 7,338       7,995 Pivot Point 7632 BTC/USD – Daily Forecast During the previous week, the BTC/USD

Read More

Daily F.X. Analysis, April 24 – Brace for Retail Sales & German Business Climate! 

The U.S. .dollar traded with a bullish bias versus the currencies of oil raisers on Thursday as a recovery in crude prices from an unexpected breakdown only partly soothed markets uncertainty by the massive coronavirus-led decline in global demand. The Euro held poised toward the greenback and the pound ahead of an of the meeting of European Union executives on the bloc’s acknowledgment of the economic turbulence generated by the global coronavirus pandemic. On the news front, the eyes will remain on the U.K. retail sales, German Ifo Business Climate, and U.S. durable goods orders; however, almost all of the economic events are expected o perform worse than the previous economic data.  Economic Calendar        BTC/USD – Daily Analysis The BTC/USD prices are exhibiting indications the market is more confident about the cryptocurrency. The Bitcoin prices showed some dramatic buying after the violation of the symmetric triangle pattern on the 4-hour timeframe.  The world’s leading cryptocurrency jumped 10% on Thursday before the expiration of April CME futures. Overall the prices surged from $7,018 level to place a high of around $7,765. The BTC/USD futures contract for the month of April ended at $7,115 on Thursday. Whereas, the contract for the month of May delivery came in almost $40 above the previous price, signaling a positive outlook. At this moment, the BTC/USD has settled back around 7,429 – a critical support level that traders seem to watch closely. It will be interesting to see how traders respond to this level

Read More
Top