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Valutrades Market Blast Technicals 16 July 2019

Welcome to this week’s Market Blast Technicals where we will look at AUDUSD, AUDJPY, AUDNZD, USDJPY, USDCHF, and Gold (XAUUSD).

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Valutrades Market Blast :: Technicals :: 9 July 2019

Welcome to this week’s Market Blast Technicals where we will look at the Gold (XAUUSD), GBPCAD, USDJPY, AUDUSD and GBPUSD.

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Swiss National Bank (SNB) Interest Rate Decision

Today at 7:30am UK Time. SNB Interest Rate Decision is announced four times a year during SNB governing board meeting, and depends on the existing inflationary outlook and economic growth. F:-0.75%, P:-0.75%. #USDCHF may retest 1.00.

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Switzerland Gross Domestic Product (GDP) q/q

Today at 5:45am UK time. Switzerland GDP q/q reflects changes in the market value of domestically produced goods and services, in the reported quarter compared to the previous quarter. GDP growth can have a positive effect on CHF quotes. F:-0.6%M, P:0.2% #USDCHF may test 1.

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Market Recap: 8 - 12 April

 

 
On Tuesday last week we covered the USDCHF which finished the week continuing to move higher and significantly breaking back through the key $1 level. This level continues to play a role with this currency pair and more recently had offered resistance to the USDCHF a week or so ago preventing prices from moving any higher.
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Market Recap: 4 - 8 February

 

 
On Tuesday last week we covered the AUDUSD which continued throughout the week to move strongly lower after running into resistance at the 0.73 level. Leading up the 0.73 level, the AUDUSD rallied well to move past the key 0.7150 level and reach a two month high around 0.73 before it was sold off.
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USDCHF - Gravitates to 1 as SNB Concerned with Disorderly Brexit

 

 
In the last few weeks the USDCHF has slowly but surely climbed higher after dropping to its lowest levels in several months, moving back up towards 1 and parity, where it has run into a wall of resistance. Throughout November and into December, the 1 level has played a role repelling attempts to push higher and so it is doing so again presently.
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USDCHF - Keeps Within Reach of 1 as SNB Keeps Expansive Policy

 

 
In the last week the USDCHF has rallied higher after dropping to its lowest levels in several weeks, moving back up towards 1 and parity, although it has eased again in the last 24 hours. In the middle of last month the USDCHF fell reasonably sharply from an 18 month high above 1.01 down through the key 1 level and to the low around 0.9860. Throughout September and October the USDCHF moved very strongly from a six months low below 0.9550 up to the highest level in 18 months just above 1.01. After the high it spent a couple of weeks consolidating above the parity level enjoying some reasonable support from the 1 level.
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USDCHF - Settles Above 1 as SNB Urges Patience

 

 
The USDCHF has moved very strongly in the last couple of months from a six months low below 0.9550 up to its highest levels in 18 months just above 1.01. In the last couple of weeks it has consolidated above the parity level enjoying some reasonable support from the 1 level. The first couple of weeks of its recent surge higher was quite pronounced as it moved strongly towards the key 1 level. For an extended period through June, July and August the USDCHF traded in a narrow range just below parity as it met stiff resistance from that level. The USDCHF did push through 1 for a short period reaching a 12 month high above 1.0050 around mid-July, which has recently been passed.
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USDCHF - Drops to Five Month Low Under 0.96 after SNB Holds

 

 
The USDCHF has fallen strongly in the last month moving from the key level of 1 down to a new five month low just below 0.96 in the last 24 hours. There has been little support along the way in its decline during that period with few signs of buyers willing to jump in at lower levels. For an extended period prior to the fall, the USDCHF traded in a narrow range just below parity as it met stiff resistance from that level. The USDCHF did push through 1 for a short period reaching a 12 month high above 1.0050 around mid-July.
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