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EURCHF indirectly adding some pressure to USDCHF pair

EURUSD in around similar level from yesterday despite of swinging up and down around FOMC meeting with the expected unchanged rate at 1.5%. Having a slightly hawkish bias with the market, the FOMC March 88% pricing in hike up rate by 0.25% but the next risk event US NFP data, this coming Friday, higher UST yield and German Bunds yield will offset some downside pressure for EUR. And hedge funds together with Option buyers remain keeping persistent demands for EUR on every dips. Today the Eurozone Manufacturing PMI, US Nonfarm productivity, Unit labor coast, manufacturing PMI and ISM manufacturing data together with stock and bond market move will have some intraday impact. With support at 1.2380-85 and resistance at 1.2500, still to prefer buying on dips with tight stop strategy.

USDJPY in rebounding move upon higher UST yield despite of the expected FOMC outcome. The market pricing 88% for March US hiked up in 0.25% rate, also higher stocks will have some support for USDJPY on technical correction. Today the US data and stock/bond market move will have some intraday impact with short term price under 110 (on close basis) still bearish for USDJPY. Prefer to keep sell on rallies with tight stop strategy.

GBPUSD higher on cross demands in earlier London session with broad GBP demands such as EURGBP, GBPJPY driven the underlying move. With technical resistance at 1.4275-85 and support at 1.4150, expect a more choppy sideway consolidation still as the current level near at the top end of the range. Still preferring to sell on rallies with tight stop strategy.

USDCHF around same level from yesterday and EURCHF in below 1.16 indirectly add some pressures for the pair despite of higher UST yield and US stock market performance overnight. Today the US data and stock/bond market still have some intraday impact with support at 0.9270 and 0.9300 with resistance at 0.9350-55 still prefer selling on rallies with tight stop strategy.

EURJPY grids up as higher USDJPY leading the move but overall tone remain steady with higher DJI and Nikkei adding some support for the cross earlier. Today the Eurozone Manufacturing PMI, US data and stock/bond market move will have some intraday impact in support at 135.35 and resistance at 136.35. Still prefer the in range trading with tight stop strategy.

EURGBP goes down on broad GBP cross demand earlier, as the cross cannot sustain above 0.88 that driven more short term long liquidation. And today the Eurozone Manufacturing PMI and US data will have some intraday impact but overall the cross remain in base building as well as the downside demands. With support at 0.8690-00 and resistance at 0.8760 and 0.8800, prefer in range trading with tight stop strategy.

Gold Bars
GOLD stays in choppy range consolidation overnight while dipping down to 1333 around FOMC and then grids up after nothing surprising in the outcome. Up until the next risk event this coming Friday’s US NFP data, still expect a more sideway consolidation. Higher US stock and UST yield will still remain in topside capping move. And downside real money demand and better global growth pricing will increase in commodity demands which supports the GOLD. Today the US Manufacturing PMI, ISM Manufacturing, Jobless Claims, Unit Labor Costs, Construction Spending as well as stock/bond market move will dominate the intraday action. In support at 1333-35 with resistance at 1352-53, prefer keeping on buying dips with tight stop strategy.

Silver Bars
Silver grids up slightly as broad USD weakening in the early London session. As expected overnight, FOMC driven some swinging move with the market remain pricing for 3 hikes in the year. Today the US data and GOLD / broad USD direction will still direct the silver move, in support at 17.2 and resistance at 17.70. Still prefer buying dips with tight stop strategy.

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    Research Risk Warning

    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.