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Wednesday, April 6th
EUR/USD trades at the bearish pressure near session lows at 1.1352. Having peaked at 1.1400 levels in the last NY session, major began it bearish move. In the meantime, the EUR bulls didn’t get expected push form German industrial production data which indicated negative fall at -0.5%, but still less than expected -1.8%. Further, the Fed March meeting’s minute’s release, which may hint that the Fed could raise rates as early as this June and hence, provide the much-needed impetus to the USD bulls. Now pair trading at 1.1358 in ongoing bearish trend with today support and resistance levels located at 1.1297 and 1.1424.
GBP/USD is struggling to regain poise following Tuesday’s sell-off. Cable is having a tough time reaching 2 weeks low at 1.4113 in early Europe. The slide may be in response to Brexit fears. FT’s poll trackers says ‘stay’ vote stands at 45%, while ‘leave’ vote is at 42%.The data docket in UK is empty hence trading may be erratic. Later in the day Fed march meeting minutes release. The spot currently trades around 1.4141 with its support and resistance levels at 1.4027 and 1.4257.
USD/CHF is recovering and now testing todays high at 0.9611. Positive results from the Chinese Services PMI during March have ignited a better tone in the risk-associated space today, prompting the pair to regain the upside after bottoming out in the mid-0.9500s on Tuesday. Absence of releases in the Swiss economy today, all the attention will be on the FOMC minutes due in the European evening. Now pair trading near todays maximum at 0.9600. Support and resistance levels are located at 0.9500 and 0.9631.
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