Forex Signals Brief for Mar 21: More Central Banks Ahead
Rowan Crosby • 2 min read
Yesterday we saw forex markets get rocked by another dovish update from the FOMC. This has continued the overall loosening of monetary policy across the globe in recent months and today we will hear from two more central banks, the BOE and SNB, to see where they are currently sitting with their monetary policy.
The BOE is still being pushed around by the Brexit uncertainty, despite what the economic conditions might be suggesting as to further hikes. So the expectation is that they remain on hold. The ECB has remained dovish and we would expect the same type of talk from the SNB as well. The SNB has some poor data to work with of recent times as economic conditions remain strained.
Forex markets have been very active of recent times and there is plenty of volatility so I would expect more of the same to close out the week.
Forex Signal Update
The FX Leaders Team finished with 3 winners from 5 trades in a pretty busy day for the guys.
EUR/CHF – Active Signal
The EUR/CHF continues to rotate around the 1.1350 level and we are again in a long signal. There will be interest here today ahead of the SNB, so be watching this signal closely.
DAX – Active Signal
The DAX is still bullish and following the lead of other world markets. Price has pulled back and we are long looking for another push here, but the stop is tight.
Bitcoin has started to really knock on the door of the $4,000 level and is currently holding above that point.
Recently we’ve heard that there is some more adoption coming back in again from the likes of Square and Avnet. That is surely adding some more buyers and the longer we hold above $4,000 the stronger it is. Remember time confirms price, so this might be the breakout that actually holds.
The long-term trend is clearly down so we will need to watch and wait.