Wednesday, March 29, 2017 12:18 PM / Meristem
• The USD Consumer Confidence (MAR) and Advance Goods Trade Balance (FEB) results were positive, causing the dollar to rally against some of the major currencies. This indicates a recovery of the US Dollar following the failure of the Health care bill.
• The Swiss National Bank (SNB) Sight Deposit Interest Rate was kept unchanged.
The pair has reached a support area at 0.9883 and has formed a bullish candlestick confirmation.
· Stop loss: price at 0.9812
· Entry: pullback to the 09883 support level
· First target: resistance level at 1.0106
· Second target: resistance level at 1.0160
· Third target: resistance level at 1.0303
If price closes bearish below the 0.9812 level:
· Price may continue downwards to the 0.9683 support level
NB: There has not been any high impact economic news from the Swiss in the past two weeks. Given the strong correlation between the Euro (EUR) and the Swiss Franc (CHF), the anticipated economic news releases relating to the Euro (EUR), may have the same sentimental impact on the Swiss Franc (CHF).
Enter Into The Market
1. Forex: CBN Slashes BDC Rate to N360...$100m Offer Fully Subscribed
2. CBN Crashes FOREX Rate for Invisibles to N360 to $1; Pumps $185m into FOREX Market
3. CBN to Sell FOREX to Banks at N357 to $1
4. Dealers Pick $81.3m Out Of $100m Offered By CBN
5. CBN Offered Another $100m Despite Drop In Oil Prices
6. Dollar drops below N400 to US$1 for first time in seven months
7. CBN Lifts Supply with $180m…Invisibles Get $80m