The Sterling / Swiss Cross rate's resiliency even after CABLE's corrective decline from missing retail sales expectations have continued to dominate well within its near term trend direction. With the GBPUSD reaching a crucial resistance levels at 1.4375/80; it had limited effects on price action as the USD index (inverse price relation) have been on a struggle to continue its consolidation well within a tight range.
In spite of this condition, the #USDCHF likewise managed to rise to a significant level as indicated on the chart above, with a probable retest at the parity level while still trading at 0.9710 to this writing. Especially coming from a well technically motivated support price range at 0.9200 - 0.9305 which may also serve as a double bottom figure so to speak.
Meanwhile, when market conditions on the European majors does not change from ECB Mario Draghi that may influence not only the #EURO; the GBPCHF Cross currently at 1.3768, but at the rate its moving would eventually retest its initial target levels at 1.4360/80 range in the near to mid-term outlook. This could lead to a scramble between the major Cross rates once any sudden changes on the EURO occurs.
The major pair's behavioral pattern and price action are confined within a major channel higher relative to its near term lower highs nearing the parity price levels with the USD. The USD have found a catalyst for a firmer tone in the form the 10 year US Treasury yields nearing the 3% threshold. This enabled the relative rise for the DXY back to 89.95 bp as of late Thursday US session. The week's closing will provide a better market outlook moving forward
For the time being, the market's sentiments would continue its course in the FX market. However, major market participants have been carefully watching equities and commodities as oil and precious metals are gaining grounds while US equity indices are still in a roller coaster ride with prices moving in both directions.
Meanwhile, when market conditions on the European majors does not change from ECB Mario Draghi that may influence not only the #EURO; the GBPCHF Cross currently at 1.3768, but at the rate its moving would eventually retest its initial target levels at 1.4360/80 range in the near to mid-term outlook. This could lead to a scramble between the major Cross rates once any sudden changes on the EURO occurs.
The major pair's behavioral pattern and price action are confined within a major channel higher relative to its near term lower highs nearing the parity price levels with the USD. The USD have found a catalyst for a firmer tone in the form the 10 year US Treasury yields nearing the 3% threshold. This enabled the relative rise for the DXY back to 89.95 bp as of late Thursday US session. The week's closing will provide a better market outlook moving forward
For the time being, the market's sentiments would continue its course in the FX market. However, major market participants have been carefully watching equities and commodities as oil and precious metals are gaining grounds while US equity indices are still in a roller coaster ride with prices moving in both directions.
