|
 |
Forex · News · USMarketNEWS / USMarket |
|
|
|
|
|
|
|
Market swing as a means of reducing the number of players…Forecast on the dynamics of USD/CHF and USD/CAD rates.
|
|
09:41 03/30/2004
|
|
Market swing as a means of reducing the number of players…Forecast on the dynamics of USD/CHF and USD/CAD rates.
The fact that 1,2050 support held its grounds changes the market situation in favor of “Eurobulls”. However, if the given level was dug deeper to 1,1970-80 and steeply jumped higher up, that would be a secure signal for rise reopening to 1.24, as a minimum.
Now, as stops of earlier buyers remained intact, market will wait for the key event of the week: ECB meeting and Friday U.S. Labor market report.
After the regular rise of EUR/USD to 1,2210-20 resistance, there appears diverging formation (“market swing”), which, as a rule, reduces the number of buyers, as well as the number of sellers.
As a result, even if there are numerous factors in favor of American currency decline (such as geopolitical risks strengthening, possibility of leaving ECB rate unchanged and investors’ disbelief in positive Friday Labor market report), market participants will wait for further signals.
U.S. Consumer confidence index for March, which will be published at 18:00 Moscow time today, can affect market sentiments. The given index is forecasted as 86.0, its previous value was 87.3. However, big players are likely to show up at the end of the week. At least, after the meeting of ECB.
As for USD/CAD situation, it is obvious that “bears” won here. Sales seem to be more vital here, especially when opened at rate pullback to 1,32 (ideally, to 1,33). So far, we should wait for support here.
Recommendations: stay out of the market so far.
Recommendations: stay out of the market so far.
The forecast was created by trans1.
|
|
 Printer-Friendly Version
 Send This Page
 Add to Favorites
 Comments
|
|
|
|
|
|
|
|
|
|
 |
|
|
|
|
|
