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
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
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • 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/ftrbRkFiJF
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/Hny2HMYo4I
  • (Weekly Fundamental) Australian Dollar Outlook: Tied to Biden Stimulus Bets, S&P 500, US Dollar, Treasuries $AUDUSD #SP500 #stimulusbill #USD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/01/16/Australian-Dollar-Outlook-Tied-to-Biden-Stimulus-Bets-SP-500-US-Dollar-Treasuries.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/H7aus0Aljt
  • The inside bar pattern occurs regularly within financial markets. Incorporating the inside bar strategy can enhance a trader's market analysis. Find out how more here: https://t.co/E3EWOYTYNw https://t.co/7zI3p6UNVs
  • Bank of Japan to mull widening of its long-term yield band -BBG $USDJPY
  • While the rise in longer-dated Treasury yields have been impressive as of late, March highs remain a key focus for resistance The medium-term uptrend remains intact, maintained by rising support from August Fading fiscal stimulus expectations (size) may sour yields ahead https://t.co/L3vBcF0ts7
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/vFJ8zmphMm
  • While the US Dollar has been holding its ground, its downside bias against the Singapore Dollar, New Taiwan Dollar Thai Baht and Indonesian Rupiah remains intact as it hovers at support. Get your market update from @ddubrovskyFX here: https://t.co/p7gAztWuVG https://t.co/zB1pOS6U4D
  • The $VIX is now running 227 trading days above the 20 handle. It is also working its way quickly into a dead-end descending triangle. These don't really break lower... https://t.co/39Pr7YrQ08
  • WTI Crude amongst the many market participants taking a hit today, down almost 3% $WTI $USD https://t.co/eg2phm1wUO
CHF Surges as USD Retreats- JPY Drifts Above Key Daily Support

CHF Surges as USD Retreats- JPY Drifts Above Key Daily Support

2012-04-20 16:08:00
Michael Boutros, Strategist

Daily Winners and Losers

CHF_Surges_as_USD_Retreats-_JPY_Drifts_Above_Key_Daily_Support_body_Picture_7.png, CHF Surges as USD Retreats- JPY Drifts Above Key Daily SupportCHF_Surges_as_USD_Retreats-_JPY_Drifts_Above_Key_Daily_Support_body_Picture_6.png, CHF Surges as USD Retreats- JPY Drifts Above Key Daily SupportCHF_Surges_as_USD_Retreats-_JPY_Drifts_Above_Key_Daily_Support_body_Picture_5.png, CHF Surges as USD Retreats- JPY Drifts Above Key Daily Support

The Swiss franc is the strongest performer against a weaker greenback with an advance of 0.65% ahead of the European close. Market sentiment is well supported with equities and Treasury yields rallying on stronger than expected German confidence data and ‘robust’ earnings reports from the likes of Microsoft and GE. The dollar is weaker against all its major counterparts save the yen as traders jettisoned the low yielders in favor of risk. The USDCHF is now approaching soft trendline support dating back to October 27th with a break below daily RSI support (on a close basis) risking further losses for the greenback. Such a scenario eyes daily targets lower at trendline support dating back to the February lows and the February low itself at 8930. Key topside resistance stands at the confluence of trendline resistance and the 23.6% Fibonacci extension taken from the October 27th and February 24th troughs at 9175 and the April high at 9250.

CHF_Surges_as_USD_Retreats-_JPY_Drifts_Above_Key_Daily_Support_body_Picture_4.png, CHF Surges as USD Retreats- JPY Drifts Above Key Daily Support

The scalp chart shows the swissie trading within the confines of a descending channel formation with the pair holding just below the confluence of the S2 daily pivot and the 23.6% Fibonacci extension taken form the February and April lows at 9095.Stronger support rests just lower at 9070 and is backed by channel support and 9040. Interim resistance now stands at 9130 and the 38.2% extension at 9155. Look for the pair to remain heavy into the close with only a break above the 92-handle negating our bias.

Key Levels/Indicators

Level/Indicator

Level

200-Day SMA

0.8895

100-Day SMA

0.9220

50-Day SMA

0.9124

2012 CHF HIGH

0.8930

CHF_Surges_as_USD_Retreats-_JPY_Drifts_Above_Key_Daily_Support_body_Picture_3.png, CHF Surges as USD Retreats- JPY Drifts Above Key Daily SupportCHF_Surges_as_USD_Retreats-_JPY_Drifts_Above_Key_Daily_Support_body_Picture_2.png, CHF Surges as USD Retreats- JPY Drifts Above Key Daily Support

The Japanese yen is the weakest performer with a fractional loss of just 0.05% on the session after moving a meager 35% of its daily ATR. The USDJPY now stands just below channel resistance dating back to the March 21st high backed by the 23.6% Fibonacci retracement at the 82-figure. Look for RSI Resistance to hold into the close with interim daily support seen at the 38.2% retracement at 80.80.

CHF_Surges_as_USD_Retreats-_JPY_Drifts_Above_Key_Daily_Support_body_Picture_1.png, CHF Surges as USD Retreats- JPY Drifts Above Key Daily Support

The scalp chart shows the pair continuing to straddle the 78.6% Fibonacci extension taken from the March 21st and April 1st crests at 81.63. A breach above channel resistance at 81.80 eyes subsequent topside targets at the 61.8% Fibonacci extension (82.00) and the 50% extension at 82.25. Interim support rests at 81.40 backed by the 100% extension at 81.20. A break below this level puts a bearish tone on the dollar with such a scenario eying targets at 80.67 and the 138.2% extension at 80.37. Our medium-term bias on the pair remains weighted to the topside with only a break below 81.20 putting us on the sidelines.

Key Levels/Indicators

Level/Indicator

Level

200-Day SMA

78.25

100-Day SMA

79.35

50-Day SMA

81.45

2011 Yen Low

85.53

---Written by Michael Boutros, Currency Strategist with DailyFX.com

Join Michael on Tuesday morning for a Live Scalping Webinar at 1230GMT (8:30ET)

To contact Michael email mboutros@dailyfx.com or follow him on Twitter @MBForex

To be added to Michael’s distribution list, send an email with the subject line “Distribution List”

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

DISCLOSURES