. Daily Fx analysis - Eurusd hovers near 1.0750 - Trade FX, CFD, Stocks, BTC, Indices, Gold & Oil - 1:1000 Leverage & Bonus - CSFX

Daily Fx analysis – Eurusd hovers near 1.0750

Daily Fx analysis – Eurusd hovers near 1.0750

11 Apr 2024

Introduction

EUR/USD hovers around 1.0750 ahead of the ECB policy announcements in Thursday’s European morning, consolidating losses triggered by robust US CPI data. Traders await ECB updates, US PPI data, and Fedspeak. Similarly, GBP/USD faces selling pressure below 1.2550, influenced by the likelihood of delayed rate cuts amidst firm US inflation. USD/CAD maintains gains above 1.3650 as focus turns to US PPI data, while USD/CHF gains momentum above 0.9100 amidst geopolitical tensions.

Markets In Focus Today – EUR/USD

EUR/USD ranges near 1.0750 ahead of ECB policy announcements.

EUR/USD is oscillating in a narrow range near 1.0750 in Thursday’s European morning. The pair consolidates hot US CPI data-led losses, as traders refrain from placing fresh bets ahead of the ECB policy announcements, US PPI data and Fedspeak. EUR/USD experienced a sharp defensive move and retreated to the 1.0730 region, or multi-session lows, amidst the unexpectedly robust rebound in the US Dollar (USD). Contributing to the Dollar’s uptick, US yields across different time frames gathered pace and rose to multi-week tops in response to the higher-than-estimated US inflation figures gauged by the CPI for the month of March.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 1.0800 | Negative Crossover | Bearish
  • MA 20 : 1.0818 | Negative Crossover | Bearish
  • MA 50 : 1.0835 | Negative Crossover | Bearish

Simple :

  • MA 10 : 1.0800 | Negative Crossover | Bearish
  • MA 20 : 1.0825 | Negative Crossover | Bearish
  • MA 50 : 1.0825 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 37.0551 | Sell Zone | Bearish

Stochastic   Oscillator : 24.5788 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 1.0928 R2 : 1.0978
  • S1 : 1.0765 S2 : 1.0715

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 1.0768 | Take Profit : 1.0722 | Stop Loss : 1.0802

GBP/USD

GBP/USD remains under selling pressure below 1.2550, US PPI data looms.

GBP/USD trades on a softer note around 1.2540 in Thursday’s early Asian session. A resilient US economy and elevated inflation are likely to derail Fed’s plans to cut interest rates this year. Any hints about May rate cuts or any dovish remarks from the BoE might exert pressure on the GBP. The GBP/USD pair remains under selling pressure near 1.2540 after bouncing off the 2024 low of 1.2520. The sell-off in the major pair is driven by the firmer US Dollar (USD) after the upside surprises in US Consumer Price Index (CPI) data in March. Investors await the US March Producer Price Index (PPI) and weekly Initial Jobless Claims on Thursday ahead of the UK monthly Gross Domestic Product (GDP) numbers later this week. On Wednesday, the release of the CPI inflation for March affirmed the conviction that sticky inflation would convince the Federal Reserve (Fed) to delay its rate-cutting plans. Fed Funds Futures market pushed expectations for the first rate cut from June to September, according to the CME FedWatch Tool.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 1.2608 | Negative Crossover | Bearish
  • MA 20 : 1.2634 | Negative Crossover | Bearish
  • MA 50 : 1.2653 | Negative Crossover | Bearish

Simple :

  • MA 10 : 1.2608 | Negative Crossover | Bearish
  • MA 20 : 1.2642 | Negative Crossover | Bearish
  • MA 50 : 1.2657 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 37.8018 | Sell Zone | Bearish

Stochastic   Oscillator : 22.7044 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 1.2819 R2 : 1.2894
  • S1 : 1.2576 S2 : 1.2501

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 1.2582 | Take Profit : 1.2529 | Stop Loss : 1.2625

USD/CAD

USD/CAD consolidates its gains above 1.3650, focus on US PPI data.

USD/CAD hovers around 1.3650 in Thursday’s Asian session. The BoC held rates at 5% for the sixth consecutive meeting on Wednesday. US inflation in March was hotter than expected, and the Fed might delay rate cuts this year. The USD/CAD pair consolidates its gains above 1.3650 during the Asian trading hours on Thursday. The uptick of the pair is backed by US inflation that came in stronger than expected in March, which boosted the Greenback to a yearly high of 105.30. Investors will take more cues from the US Producer Price Index (PPI), due later on Thursday. The headline and Core PPI figures are estimated to show an increase of 2.2% YoY and 2.3% YoY, respectively. On Thursday, the Bank of Canada (BoC) held its key interest rate at 5% for the sixth consecutive time since July at its April meeting. The BoC governor Tiff Macklem said during the press conference following the announcement that the recent progress in inflation is encouraging, but he needs to see more evidence to make sure that inflation is sustained before moving on rate cuts. Macklem further stated that an interest rate cut in June is possible.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 1.3602 | Positive Crossover | Bullish
  • MA 20 : 1.3574 | Positive Crossover | Bullish
  • MA 50 : 1.3537 | Positive Crossover | Bullish

Simple :

  • MA 10 : 1.3583 | Positive Crossover | Bullish
  • MA 20 : 1.3568 | Positive Crossover | Bullish
  • MA 50 : 1.3530 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 66.7814 | Buy Zone | Bullish

Stochastic   Oscillator : 81.3592 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 1.3598 R2 : 1.3644
  • S1 : 1.3450 S2 : 1.3404

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 1.3636 | Take Profit : 1.3712 | Stop Loss : 1.3586

USD/CHF

USD/CHF gains traction above 0.9100 ahead of US PPI data.

USD/CHF gains momentum near 0.9125 on Thursday. The headline US CPI rose 0.4% MoM in March, while the yearly CPI figure advanced 3.5% YoY, hotter than expected.The uncertainty and ongoing geopolitical tensions in the Middle East might lift the CHF and cap the pair’s upside. The USD/CHF pair trades on a positive note near 0.9125, the highest level since October 2023 on Thursday during the early European session. The hotter-than-expected US inflation in March has prompted investors to scale back bets on US interest rate cuts this year, which provides some support to the Greenback. However, the ongoing geopolitical tensions in the Middle East might boost safe-haven assets like the Swiss Franc (CHF). An unexpected rise in US Consumer Price Index (CPI) data in March pushed out the expected timing of a first-rate cut to September from June. The headline CPI rose 0.4% MoM in March, while the yearly CPI figure advanced 3.5% YoY. Meanwhile, the Core CPI, excluding volatile food and energy components, climbed 0.4% MoM, while jumping 3.8% from a year ago.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.9058 | Positive Crossover | Bullish
  • MA 20 : 0.9004 | Positive Crossover | Bullish
  • MA 50 : 0.8897 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.9054 | Positive Crossover | Bullish
  • MA 20 : 0.9001 | Positive Crossover | Bullish
  • MA 50 : 0.8873 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 74.0606 | Buy Zone | Bullish

Stochastic   Oscillator : 87.9597 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.9068 R2 : 0.9148
  • S1 : 0.8807 S2 : 0.8726

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.9110 | Take Profit : 0.9211 | Stop Loss : 0.9049

Elsewhere In The Forex Market

NZD/USD up 0.13% to 0.5982, The USD/JPY up 0.02% to 153.19. The EUR/GBP down 0.09% at 0.8558. AUD/USD up 0.01% at 0.6518. AUD/NZD down 0.07% at 1.0893, The USD/CNY up 0.02% at 7.2324, AUD/SEK up 0.11% at 6.9887, at the time of writing.

Key Economic Events & Data Release Today:

(CPI) CPI (MoM) (Mar) Forecast –0.5%, Previous 1.0% at 07:00. (EUR) ECB Monetary Policy Statement at 17:45. (EUR) ECB Interest Rate Decision (Apr) Forecast 4.50%, Previous 4.50% at 17:45. (USD) PPI (MoM) (Mar) Forecast 0.3%, Previous 0.6% at 18:00. (USD) Initial Jobless Claims Forecast 216K, Previous 221K at 18:00. (ECB) ECB President Lagarde Speaks at 19:45.