Day: November 3, 2023

USD/CHF Resumes Uptrend Despite Threats From SNB’s Jordan

Posted on by Skerdian Meta

USD/CHF retreated to 0.90 earlier this week, but it started reversing higher yesterday as moving averages held as support. Core consumer inflation CPI posted an increase and the Swiss National Bank chairmam Jordan made some hawkish comments but traders didn’t take them into account too much.

Has the main trend turned bullish for <a href=
USD/CHF?” width=”632″ height=”297″ /> Has the main trend turned bullish for USD/CHF?

Since reversing from lows around 0.8550s in July, this forex pair has been bullish, which continued until the beginning of October, when the price reversed down at approximately 09250 as the conflict in the Middle East erupted. This recovery has been fueled in large part by a favorable gain in US bond rates, which has maintained the USD bullish, although the CHF has benefited from the safe haven status since early October. Continue reading “USD/CHF Resumes Uptrend Despite Threats From SNB’s Jordan” →

Forex Signals Brief November 3: NFP and ISM Services Closing the Week

Posted on by Skerdian Meta

The USD turned bearish after the FED meeting on Wednesday evening and yesterday it continued to fall during the Asian and European sessions. But, the decline stopped in the US session and we saw some sort of comeback, despite the strong pullback in the treasury market. It ultimately halted once the [[USD/JPY]] broke through 150.00 and several stops were hit. [[EUR/USD]] reached a high of 1.0670 before sliding 50 pips.

U.S. non-farm payrolls to slash in half in October
U.S. non-farm payrolls to slash in half in October

The bond market was the cause, as a strong case of FOMO pushed long-term rates down by 13 to 18 basis points. At 4.66%, US 10-year notes are suddenly a long way from 5%, as money that has been parked on the sidelines starts entering the bond market on the assumption that the FED is done and that US deficits are not growing. Continue reading “Forex Signals Brief November 3: NFP and ISM Services Closing the Week” →

EUR/USD Steadies as Markets Brace for NFP, Eyes on Fed’s Rate Path

Posted on by Arslan Butt

The [[EUR/USD]] currency pair maintains stability during the Asian trading session on Friday, momentarily pausing the previous night’s retracement from the proximal 1.0670-1.0675 barrier, corresponding to the week’s apex.

Continue reading “EUR/USD Steadies as Markets Brace for NFP, Eyes on Fed’s Rate Path” →

Gold Price Forecast: XAU/USD Hovers Below $2,000 Amid Rate Hike Speculations

Posted on by Arslan Butt

Gold‘s price (XAU/USD) exhibits a modest upward trend for the second consecutive day on Friday, though with limited bullish momentum, consistently trading beneath the pivotal $2,000 mark during the Asian trading session. Market participants appear to adopt a cautious stance, eagerly awaiting the imminent U.S. employment report for insights into the Federal Reserve’s interest rate trajectory, which could influence their forthcoming trading decisions.

Continue reading “Gold Price Forecast: XAU/USD Hovers Below $2,000 Amid Rate Hike Speculations” →