Home Forex Forex Market Analysis Market outlook update: The euro under some selling pressure

Market outlook update: The euro under some selling pressure

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The Swiss Franc is within striking distance of what was once one of the most heavily defended boundaries in global markets. Policy makers may start to think about an eventual normalization to sustain its price.

The euro came under some selling pressure after a report showing that German economic sentiment deteriorated sharply again in April amid concerns over heightened international trade tensions.

On other hand, Great Britain average earnings index  came at 2.8% despite a forecast of 3.0%

Analysts say that today’s economic data could lead to an increased investor uncertainty because the Bank of England had already said that a rise in wage pressures would need to be seen before a rate hike is factored in as a tool to curb inflation.

 

USD/CHF

On the daily chart, the price returned to its bullish rally today as it hits an important resistance area at 0.9645

It has reached demand zone (0.9645-0.971)

We can observe that price reached, also, the downward trend line from the high of November 2017, and the upper edge of the rising channel

If the price could jump further, it may reach 0.9785 & 0.9845

 

GBP/USD

On the daily chart, the price had done a big effort to reach a pivotal level at 1.4335

Until now there’s a special price action with a hammer, by forming a descending wedge

If a retracement is confirmed, then it might be a correction to 1.409 on its way

EUR/USD

On the daily chart, the price has respected the zone, which is located at the broken up channel from the low October 2017, and the downward trend line from the high of 2008

A perfect hammer is on its way to being confirmed, to open the gate to retest the 1.2155-1.209 levels again

© Forex.Academy

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