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15 April 2016, 12:27

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Friday, April 15th


EUR/USD trades modestly flat in a 20-pips consolidating near its two-week lows reached at 1.1234 on Thursday. The main currency pair keeps its side-ways movement intact as we head into early Europe, with the traders largely unperturbed by upbeat Chinese fundamentals news, including in-line with expectations GDP figures. Moreover, the downside remains capped by the mid-point of 1.12 handle as the USD bulls stalled the recent upsurge and awaits the industrial production for march and The University of Michigan Consumer Sentiment Index data for fresh direction. For the EUR, the macro calendar remains light, with the only second-liner data in the Euro zone trade balance lined up for release later today. Now pair trades at 1.1262 with approximate support and resistance levels at 1.1190 and 1.1310.

USD/CHF was consolidating the upside and now comes under renewed selling pressure, as the US dollar wipes-out minor gains and turns in the negative territory against a basket of currencies. Moreover, markets appear to have ignored optimistic Chinese macro releases and remain cautious amid persisting mixed sentiment heading into weekend’s oil producers’ meeting in Doha on output freeze talks. Meanwhile, all eyes remain on a fresh batch of US macro data for fresh direction. This morning pair trades at 0.9684 near its yesterdays two-weeks high at 0.9688. Support and resistance levels are located at 0.9618 and 0.9720 respectively.

USD/JPY surrendered gains capped in Asia and now pair trades around 109.30. Tables have turned since last week as it is now Yen that alters sentiment in the equities and not the usually seen other way round. Yen is once again attempting gains as treasury yields show no signs of life. Moreover, moderate gains in Asian equities and similar signs in the major European equities are being ignored by Yen. Ahead in the day, US industrial production and the resulting impact on the treasury yields could influence USD/JPY pair. Currently the pair is trading down to 109.31 with its support and resistance levels 108.87 and 110.09.


GBP/USD easing its positions down from todays high at 1.4166 with sharp fall to 1.4140 level. Chart driven trading is likely to continue throughout European session given the UK data calendar is empty. Furthermore, repeated failure at hourly 200-MA is making life difficult for GBP bulls. The pair thus awaits US data release – industrial production, Michigan confidence – release. The data by itself may not have much impact on the markets unless it manages to move treasury yields.  Now pair trades with partly regained loses at 1.4155 with todays support and resistance levels at
1.4029 and 1.4218


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