With the long Memorial holiday weekend, a shorter trading week ahead would be focused on both the Asian and the European trading sessions. The only major market expected would be the NFP - unemployment figures. Although, most expectations are positive for the the jobs numbers and its net-effect over the economy is the main stay alongside with the expanded debt crisis in the EZ. However, there has been some relief on the wires that there is still a possibility that Greece would remain in the EU community, and spilled over in most stock markets in Asia and Europe today which signaled some positive moves.
The primary technical focus now is the behavioral price actions of the USDx with a small primary gap between the closing and opening prices. While the US market would be closed for Memorial day; the Asian / European globex opening at the 82.15 basis point from a previous close last Friday at 82.40 was a negative signal reflected on a daily basis but not on a weekly chart formation. This opening has given the USD some room to gain enough momentum to continue its rally for the week before the end of the trading month.
The primary technical focus now is the behavioral price actions of the USDx with a small primary gap between the closing and opening prices. While the US market would be closed for Memorial day; the Asian / European globex opening at the 82.15 basis point from a previous close last Friday at 82.40 was a negative signal reflected on a daily basis but not on a weekly chart formation. This opening has given the USD some room to gain enough momentum to continue its rally for the week before the end of the trading month.
With that said, the EURUSD has slightly recovered but may have some limited up-swing action for the week ahead. But the bearish sentiments still weigh heavier closely link to the USDx movement directly alongside the USDCHF. Currently at the 1.2532; the price behavior of the EURUSD and the USDCHF would be dictated by the US Dollar. The influence of the commodity markets on gold and oil prices will play a supportive and vital role directly in the future direction for the global market as well.
Meanwhile, the strength of the USDCHF is reflected as current working price is at the higher end of the trend at 0.9582. The opening gap has been filled-in likewise the same price action with the EURUSD. Further analysis shall be provided at the mid-week prior to the final Non-Farm payroll figures and unemployment set at the end of the week.
Meanwhile, the strength of the USDCHF is reflected as current working price is at the higher end of the trend at 0.9582. The opening gap has been filled-in likewise the same price action with the EURUSD. Further analysis shall be provided at the mid-week prior to the final Non-Farm payroll figures and unemployment set at the end of the week.
No comments:
Post a Comment