News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • We are going to start the new trading week with a few critical technical breaks like the $QQQ's (NDX) H&S neckline break on volume and EURUSD's clearance below 1.1950. Are these the makings of trends? My take: https://www.dailyfx.com/forex/video/daily_news_report/2021/03/06/EURUSD-and-Nasdaq-100-to-Start-Week-with-Multi-Month-Breakdown.html https://t.co/iR5w7iDkDU
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/OR70NHkgeI
  • What are some factors driving AUD? Get your free forecast for this quarter here:https://t.co/z85CIVYiuK #DailyFXGuides https://t.co/nd93gXDswq
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/xeidoj2K9f
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/1rhLp4LnfN
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/RKYGzRStvL
  • The US Dollar is moving higher after a blowout NFP report bolstered confidence in the US economic recovery. Markets will now turn attention to next week’s US inflation data which could boost the Greenback. Get your market alert from @FxWestwater here: https://t.co/Ud62r3hKRF https://t.co/dvvDCJvlbP
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/7g9pB8D9xK
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/OCLzmXaDCu
  • Technical analysis of charts aims to identify patterns and market trends by utilising differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/UZela9nSIm
Franc Gains as EURCHF, USDCHF Sink. US Dollar Rising Support Held

Franc Gains as EURCHF, USDCHF Sink. US Dollar Rising Support Held

Daniel Dubrovsky, Strategist

Asia Pacific Market Open Talking Points

Trade all the major global economic data live as it populates in the economic calendar and follow the live coverage for key events listed in the DailyFX Webinars. We’d love to have you along.

The anti-risk Swiss Franc outperformed against its major counterparts on Thursday despite an overall uptick in sentiment, even outperforming the similarly-behaving Japanese Yen. Franc gains picked up against the Yen heading into the European trading session as Nikkei 225 and S&P 500 futures pushed higher in the aftermath of a dovish Fed interest rate announcement, perhaps reflecting Yen-based carry demand.

Then, EURCHF sunk and closed at its lowest since July 2017 on the 15-minute chart below. Equities cautiously retreated on US-Iran tension fears during the Wall Street trading session. US President Donald Trump tweeted that we will “soon find out” if the nation will strike Iran after it reportedly shot down a US drone. USDCHF closed at its lowest since the beginning of this year.

EURCHF 15-Minute Chart

Franc Gains as EURCHF, USDCHF Sink. US Dollar Rising Support Held

Speaking of the US Dollar, the Greenback continued depreciating and was the worst-performing major. It tracked ongoing declines in US government bond yields as the markets confidently price in the first Fed rate cut since 2008 next month. The S&P 500 closed eight points above highs in April, making for a new record as the Dow Jones rose about one percent.

US Dollar Technical Analysis

The DXY, while succumbing to selling pressure, was unable to clear the rising trend line from September 2018 on the daily chart below. This continues to further solidify support. Meanwhile, positive RSI divergence shows fading downside momentum which can precede a turn higher. Near-term resistance appears to be around 97.52.

DXY Daily Chart

Franc Gains as EURCHF, USDCHF Sink. US Dollar Rising Support Held

*Chart Created in TradingView

Friday Asia Pacific Session

Despite the gains in equities, S&P 500 futures are now pointing decisively lower heading into Friday’s Asia Pacific trading session. This could be due to traders hesitation to commit to upside breakouts in equities ahead of next week’s G20 summit where we will get a better idea of where US-China trade tensions could go. This leaves the pro-risk Australian and New Zealand Dollars vulnerable in the near-term.

FX Trading Resources

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES