Helvetic Shilling Trendy in European and U.S. Banking.
There will be a lot of activity in the EURCHF and USDCHF crosses today as these three currencies have important news. Swiss inflation and production data will mark the start of the day, followed by news on manufacturing indices from several Eurozone countries, along with long-term debt auctions from France and Spain. In the afternoon, the impact of exports, unemployment rates and U.S. debt auctions will be consummated along with Fed monetary policy news this afternoon.
The anticipation of today's European and US news has kept the Swiss currency at its characteristic value, generating a small depreciation against the aforementioned peers, as the Swiss economy appears to be holding up relatively solidly. Eurozone production data for Spain, Germany, Italy and France have been relatively positive compared to the previous release although the Eurozone as a whole does not have such positive data in the global aggregate, being that production on a yearly basis has improved compared to expectations.
On the technical side, the USDCHF chart shows an evolution that has been going on since Christmas, marking how the greenback has been depreciating against the currency of the Helvetic country. It is currently in a long-term bearish channel, which since Christmas touched its low at 0.83317 and has been looking for the middle zone, so it could continue on this path of price recovery to its maximum at 1.01472 Bucks per Franc. Due to the US debt overhang we will continue to see the Franc gain strength as the Swiss economy is much healthier and is starting to be perceived again as a reserve currency during this 2024. Its RSI is currently at 68.24% with a 200-day average at 52.87%, so perhaps on a daily basis it could fluctuate between 0.90868 and 0.87482 until the Bulls gain strength pushing the currency above the monthly average so that the Dollars and Euros could recover within the long term bearish channel.
Ion Jauregui - AT Analyst
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The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
The anticipation of today's European and US news has kept the Swiss currency at its characteristic value, generating a small depreciation against the aforementioned peers, as the Swiss economy appears to be holding up relatively solidly. Eurozone production data for Spain, Germany, Italy and France have been relatively positive compared to the previous release although the Eurozone as a whole does not have such positive data in the global aggregate, being that production on a yearly basis has improved compared to expectations.
On the technical side, the USDCHF chart shows an evolution that has been going on since Christmas, marking how the greenback has been depreciating against the currency of the Helvetic country. It is currently in a long-term bearish channel, which since Christmas touched its low at 0.83317 and has been looking for the middle zone, so it could continue on this path of price recovery to its maximum at 1.01472 Bucks per Franc. Due to the US debt overhang we will continue to see the Franc gain strength as the Swiss economy is much healthier and is starting to be perceived again as a reserve currency during this 2024. Its RSI is currently at 68.24% with a 200-day average at 52.87%, so perhaps on a daily basis it could fluctuate between 0.90868 and 0.87482 until the Bulls gain strength pushing the currency above the monthly average so that the Dollars and Euros could recover within the long term bearish channel.
Ion Jauregui - AT Analyst
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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