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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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American session players will indicate major sentiment of the market…Forecast on the dynamics of rate of USD/CHF and USD/CAD.
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08:55 03/19/2004
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American session players will indicate major sentiment of the market…Forecast on the dynamics of rate of USD/CHF and USD/CAD.
As it usually happens, demand for oil, precious metals and shelter-currency – Swiss frank increases, conditioned by geopolitical instability and terrorist acts’ threats.
Investors’ fears, caused by series of terrorist acts in Madrid, Baghdad and Basra, are strengthened by escalation of ethnic conflict in Kosovo.
All the given events make economic statistics data less important. However, yesterday’s data produced negative effect on the rate of American currency.
Thus, leading indicator index made up 0.0% in the US in February (forecasted as 0.0%, previous value was revised from +0.5% to +0.4%). Philadelphia Fed index made up +24.2 in the US in March, whereas forecasted to be +30.0. The given index turned out to be lower than forecasted.
Fears of new terrorist acts get even stronger now, as anniversary of American military operation in Iraq approaches.
Recently, Bank of Japan has been carrying in a great intrigue in the process of price-formation.
For those, who purchase USD/JPY rate, it was a great tragedy finding no support at significant level of 107,90. Sellers think that without intervention support of dollar, the rate would soon reach 105,15 – three-year minimum, indicated one month earlier. At the same time, minister of finance repeated yesterday that his department would turn to active actions in case of need.
When characterizing today’s market situation, we can say that it is rather contradictory. On the one hand, technical analysis does not exclude and even presupposes further strengthening of dollar against major currencies. However, on the other hand, recent events, happening in the world, and fears of investors do not stimulate purchases of American currency.
We recommend those, who keep long positions on USD/CAD, still keep them.
Ascending trend on Euro can restart only in case of its steady growth higher than 1,2460. Before that, dollar purchasing looks as technically justified. However, final sentiment of the market will be determined tonight at American session trading.
USD/CHF rate approached quite a significant level at yesterday’s trading. The given level could serve as a key support. In this case, purchases from the given level could be quite profitable. As it was indicated earlier, other events are in the focus of market’s attention. That is why, we still recommend holding a pause and staying out of the market.
We recommend those, who keep long positions on USD/CAD, still keep them.
Ascending trend on Euro can restart only in case of its steady growth higher than 1,2460. Before that, dollar purchasing looks as technically justified. However, final sentiment of the market will be determined tonight at American session trading.
USD/CHF rate approached quite a significant level at yesterday’s trading. The given level could serve as a key support. In this case, purchases from the given level could be quite profitable. As it was indicated earlier, other events are in the focus of market’s attention. That is why, we still recommend holding a pause and staying out of the market.
The forecast was created by trans1.
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