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USD Remains King, CHF Flash Crash, GBP & EUR at Crucial Support - US Market Open

USD Remains King, CHF Flash Crash, GBP & EUR at Crucial Support - US Market Open

Justin McQueen,

MARKET DEVELOPMENT – USD Remains King, CHF Flash Crash, GBP & EUR at Key Support

USD: The US Dollar has begun the week on the front with major G10 currencies softer across the board. However, key levels are holding for now with 1.1300 and 1.2900 keeping the Euro and GBP afloat, respectively. US data to be key this week, most notably the inflation report given the recent monetary policy statement from the Federal Reserve.

CHF: The Swiss Franc got off to a soft start with a mini flash-crash being observed in major CHF pairs at the beginning of trade in the Asian session. With Japan away for a market holiday, liquidity had been thinner than usual consequently exacerbating the price action in which CHF weakened by 1% with EURCHF hitting highs of 1.1425, before quickly retracing. SNB later declined to comment on the move.

GBP: Soft UK data saw GBP briefly dip below the 1.29 handle. The first look at UK GDP indicates that economy had been growing at a rate of 0.2%, leading to a yearly rate of 1.3% (Exp. 1.4%). The data also showed the impact that Brexit had on business decisions, as investment had dropped for a 4th consecutive quarter. Support at 1.2890 continues to hold for now as GBP remains resilient.

EUR: The Euro remains on the backfoot, however, key support at the 1.13 handle has continued to curb losses. Despite seeing a slight breach of 1.13, the post ECB low at 1.1289 has kept the Euro elevated, a closing break below however, raises scope of a test of 1.1215.

DailyFX Economic Calendar: – North American Releases

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Four Things Traders are Reading

  1. FTSE Chart Analysis – Resistance May Continue to Keep a Lid on the Market” by Paul Robinson, Market Analyst
  2. Sterling (GBP) Struggles After Weak Q4 UK GDP Data” by Nick Cawley, Market Analyst
  3. GBP Technical Analysis Overview: GBPUSD, GBPJPY, EURGBP” by Justin McQueen, Market Analyst
  4. Brexit and the Pound: Why EU Might Spurn a Last-Minute Deal With the UK” by Martin Essex, MSTA , Analyst and Editor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

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