Daily News & Market Analysis from FXTimes.com

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Key Points
• The British pound traded consistently higher against the Swiss Franc recently and moved above the 1.2600 resistance.
• There are many support trend lines on the downside at 1.2620-1.2600 on the hourly chart of GBPCHF.
• Today, the Switzerland Trade Balance figure was released by the Federal Customs Administration.
• The result was below the forecast, as the trade surplus was 2.716M in Dec 2016, compared with the 2,810.0M forecast.

GBPCHF Technical Analysis
The British Pound traded higher and managed to climb above the 1.2600 handle against the Swiss Franc. The GBPCHF is in a solid uptrend, and has support trend lines on the downside at 1.2620-1.2600 on the hourly chart.

The pair made a nice upside move recently, breaking a lot many hurdles like 1.25 and 1.26. The trend may continue, and gains could extend once there is a break above the 1.2650 swing high.

On the downside, there is a trend line support at 1.2620, followed by 1.2600 where one may consider buying with a stop of a close below 1.2600.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The British Pound surged after testing the 1.2420 support against the US Dollar.
• The GBPUSD pair is currently finding sellers near a bearish trend line with 1.2590 resistance on the hourly chart.
• Today in the UK, the British Retail Consortium (BRC) Shop Price Index was released.
• The result was on the lower side, as there was a decline of 1.7% in the index in Jan 2017.

GBPUSD Technical Analysis
The British Pound recently traded towards the 1.2400-1.2420 support area against the US Dollar where it found support and traded higher. The GBPUSD moved above the 21 hourly simple moving average, and currently trading near a bearish trend line with 1.2590 resistance on the hourly chart.

There is a high chance that the pair may break the resistance at 1.2590 and move towards 1.2600. Above 1.2600, the next resistance is at 1.2620.

On the downside, the pair has a support at 1.2540-1.2550, which also represents a pivot area for GBPUSD.

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Key Points
• The US Dollar recently completed a correction near 0.9955 against the Swiss Franc, and moved back higher.
• The USDCHF pair is likely heading higher, and could break the last swing high of 1.0006.
• Today in the US, the Consumer Credit figure was released by the Board of Governors of the Federal Reserve.
• The result was on the lower side, as the credit change was $14.16B in Dec 2016, compared with the forecast of $20.00B.

USDCHF Technical Analysis
The US Dollar recently failed to break the 1.0 level and corrected lower towards 0.9955 against the Swiss Franc. The USDCHF pair found support on the downside near the 50% Fib retracement level of the last wave from the 0.9903 low to 1.0006 high.

The pair started trading higher once again, and likely approaching the 1.0 handle again. There is also an ascending channel resistance near 1.0020, which might also act as a resistance.

On the downside, there are many support levels like 0.9980, the channel support trend line and the 21 hourly simple moving average at 0.9955.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The Aussie dollar moved higher recently against the US Dollar and settled above 0.7650.
• The AUDUSD pair has formed an ascending channel on the hourly chart with support near 0.7650 and 0.7600.
• Earlier today, the Australian New Motor Vehicle Sales figure for Jan 2017 was released by the Australian Bureau of Statistics.
• The result was above the forecast, as the New Motor Vehicle Sales increased by 0.6% in Jan 2017, more than the last +0.3%.

AUDUSD Technical Analysis
The Aussie dollar after a decline towards 0.7620 against the US Dollar found buyers, and recovered. The AUDUSD pair moved above the 0.7640-50 resistance and the 21 hourly simple moving average.

At the moment, the pair is trading in the bullish zone, and formed an ascending channel on the hourly chart with support near 0.7650 and 0.7600.

It is already above the 61.8% Fib retracement level of the last decline from the 0.7696 high to 0.7618 low. So, there is a chance of a move towards the full swing high at 0.7696.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The New Zealand dollar recently recovered from the 0.7120-30 support area against the US Dollar.
• However, the NZDUSD pair remains below a major bearish trend line with resistance at 0.7170 on the hourly chart.
• Recently, the New Zealand GDT Price Index was released by Global Dairy Trade.
• The result was mixed, as there was a decline of 3.2%, compared with the last increase of 1.3%.

NZDUSD Technical Analysis
The New Zealand dollar this week traded lower towards 0.7120 against the US Dollar where it found support and started a recovery. The NZDUSD pair is currently below the 21 hourly simple moving average with resistance at 0.7165.

Moreover, there is a crucial bearish trend line with resistance at 0.7170 on the hourly chart, which may act as a hurdle if the pair moves higher.

On the downside, an initial support is at 50% Fib retracement level of the last move from the 0.7129 low to 0.7177 high. It may be broken if sellers gain control for a downside move towards 0.7140. Overall, selling rallies near 0.7170 may be considered with a stop above the trend line resistance.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• Gold price after trading as high as $1263 found sellers and moved down against the US Dollar.
• There was a crucial bullish trend line with support at $1250 on the hourly chart, which was broken recently.
• Today in China, the Caixin China Manufacturing PMI for Feb 2017 was released.
• The result was above the forecast, as there was a rise from 51 to 51.7 in Feb 2017.

Gold Price Technical Analysis
There was a nice upside move in Gold price towards $1260 against the US Dollar until it found sellers near $1263 and started moving down. During the downside, the price broke the 23.6% Fib retracement level of the last wave from the $1225 low to $1263 high.

Later, there was a break below the 21 hourly simple moving average and a crucial bullish trend line with support at $1250 on the hourly chart.

The price is currently trading near the 50% Fib retracement level of the last wave from the $1225 low to $1263 high. Any corrections towards $1245 and $1250 may find resistance on the upside.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The Euro surged higher against the Aussie dollar, and moved above the 1.3900 resistance.
• The EURAUD pair broke a couple of resistances likes 1.3880 and a connecting trend line at 1.3875 on the hourly chart.
• Today, the German Retail Sales for Jan 2017 was released by the Statistisches Bundesamt Deutschland.
• The result was better than the forecast, as there was a rise of 2.3% in Jan 2017, compared with the same month a year ago.

EURAUD Technical Analysis
The Euro climbed higher during the past two sessions against the Aussie dollar and traded as high as 1.3939. During the upside move, the EURAUD pair cleared a few important resistances likes 1.3850, 1.3880 and a trend line at 1.3875 on the hourly chart.

The same trend line may now act as a support at 1.3890 if the pair corrects lower. It also coincides with the 23.6% Fib retracement level of the last wave from the 1.3726 low to 1.3939 high.

On the upside, the recent high of 1.3939 is an intermediate resistance before the 1.3960 hurdle.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The Euro made a downside move recently and broke the 120.40 support area vs the Japanese yen.
• There was a contracting triangle support at 120.42 on the hourly chart of the EURJPY pair, which was broken.
• Today in Japan, the Leading Economic Index preliminary reading for Jan 2017 was for released by the Cabinet Office.
• The result was above the forecast, as there was an increase from the last revised reading of 104.9 to 105.5.

EURJPY Technical Analysis
The Euro after trading in a range and a triangle against the Japanese yen broke down and cleared the 120.40 support area. The EURJPY pair also cleared a contracting triangle support at 120.42 on the hourly chart, opening the doors for a push towards 120.00.

The pair traded as low as 120.02, and currently attempting a recovery. On the upside, it may find sellers near the 38.2% Fib retracement level of the last decline from the 120.66 high to 120.02 low.

However, the most important resistance is near 120.40, coinciding with the 61.8% Fib retracement level of the last decline from the 120.66 high to 120.02 low.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The Aussie Dollar struggled recently against the US Dollar and moved below a major support at 0.7700.
• There was a break below two bullish trend lines with support at 0.7710 and 0.7680 on the hourly chart of AUDUSD.
• Today in Australia, the Westpac Leading Index for Feb 2017 was released by the Melbourne Institute.
• The result was below the forecast, as there was a decline of 0.1%, compared with the last reading of 0%.

AUDUSD Technical Analysis
The Aussie Dollar was under a lot of pressure against the US Dollar, as it moved below the 0.7720 and 0.7700 support levels. The AUDUSD pair also broke many other supports, including two bullish trend lines at 0.7710 and 0.7680 on the hourly chart.

The pair also moved below the 21 hourly simple moving average and traded close to the 0.7650 support.

The pair is currently attempting a recovery from the 50% Fib retracement level of the last wave from the 0.7540 low to 0.7749 high. However, it is likely to face resistance near the 0.7690 and 0.7700 levels.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The Euro moved down this week against the British Pound and traded as low as 0.8605.
• The EURGBP pair is currently recovering, but likely to face sellers near 0.8640 and a broken support trend line on the hourly chart.
• Recently, the Euro Zone Consumer Confidence reading for March 2017 (preliminary) was released by the European Commission.
• The result was above the forecast, as there was a rise to 5 from the last reading of -6.2 in March 2017.

EURGBP Technical Analysis
The Euro slowly moved down against the British Pound this week and traded below 0.8680 support. The EURGBP pair is currently moving higher, and trading near the 23.6% Fib retracement level of the last decline from the 0.8700 high to 0.8605 low.

However, the pair is likely to face barriers near 0.8640 and a broken support trend line on the hourly chart. The 21 hourly SMA and the 38.2% Fib retracement level of the last decline from the 0.8700 high to 0.8605 low is also around 0.8640 to act as a hurdle.

So, if the pair moves higher, one may consider selling near the 21 hourly SMA or 0.8640.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The British Pound after trading towards 1.2300 against the Swiss Franc found support.
• The GBPCHF pair is currently recovering, but faces a lot of resistances on the upside near 1.2350-1.2360.
• In the UK today, the M4 Money Supply report for Feb 2017 (MoM) was released by the Bank of England.
• The result was disappointing, as there was a decline of 0.3% in the supply in Feb 2017, compared with the previous month.

GBPCHF Technical Analysis
The British Pound started a downside move from the 1.2400 handle against the Swiss Franc, and moved below 1.2360. During the downside, the GBPCHF pair broke a support trend line at 1.2380 and the 21 hourly simple moving average.

The pair traded as low as 1.2284, and currently recovering. It moved above the 23.6% Fib retracement level of the last decline from the 1.2417 high to 1.2284 low.

The pair might continue trading higher in the near term, but likely to face a lot of resistance on the upside near 1.2350-1.2360 and the 21 hourly simple moving average.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The Aussie dollar made a downside move towards 83.20 vs the Japanese yen where it found support.
• The AUDJPY is currently moving higher, but may face two bearish trend lines with resistance at 83.90 and 84.10 on the hourly chart.
• Today in Australia, the AiG Performance of Services Index for March 2017 was released by the Australian Industry Group.
• The result was above the forecast, as the Services Index increased from the last reading of 49 to 51.7.

AUDJPY Technical Analysis
The Aussie dollar faced a lot of pressure lately against the Japanese yen, as it fell towards 83.20. Later, the AUDJPY pair started a correction, and moved above the 23.6% Fib retracement level of the last decline from the 84.961 high to 83.23 high.

However, the pair is likely to face two bearish trend lines with resistance at 83.90 and 84.10 on the hourly chart. The same area also coincides with the 21 hourly simple moving average at 84.06.

Furthermore, the 50% Fib retracement level of the last decline from the 84.961 high to 83.23 high is also waiting to act as a resistance at 84.07.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

[fxtimes1]

Key Points
• There was a good upside move in Gold price, as it moved above $1265 against the US Dollar.
• There is a connecting resistance trend line at $1278 on the hourly chart of Gold, which prevented further upsides.
• Today in China, the Consumer Price Index for March 2017 (YoY) was released by the National Bureau of Statistics of China.
• The outcome was below the forecast, as the Consumer Price Index increased 0.9%, less than the forecast of 1%.

Gold Price Technical Analysis
There was an upside move in Gold price above the $1262 and $1265 resistance levels against the US Dollar. The price traded towards $1280 where it found a connecting resistance trend line at $1278 on the hourly chart.

The price is currently correcting lower, and may test the 23.6% Fib retracement level of the last wave from the $1247 low to $1279 high.

However, the most important support is near $1267, which also coincides with the 38.2% Fib retracement level of the last wave from the $1247 low to $1279 high. So, if the price dips from the current levels, it could gain bids near $1267-65.

[fxtimes1]

Key Points
• The Aussie dollar recently struggled against the Japanese Yen, and broke a major support at 81.90.
• There is a tiny bearish trend line formed with resistance at 81.95 on the hourly chart of AUDJPY, which may act as a hurdle moving ahead.
• Earlier today in Australia, the Westpac Leading Index for March 2017 was released by the Melbourne Institute.
• The outcome was better, as the Westpac Leading Index rose 0.1% in March 2017, compared with the last -0.1%.

AUDJPY Technical Analysis
The Aussie dollar was under a lot of pressure during the past two sessions against the Japanese Yen, and as a result, it broke a major support at 81.90. The AUDJPY pair traded as low as 81.61, and currently attempting a recovery.

The current recovery attempt may fail near the broken support at 81.90 or near a tiny bearish trend line formed with resistance at 81.95 on the hourly chart of AUDJPY.

On the downside, a break below 81.60 may call for more losses, and the pair could even trade towards the 81.20 support area.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The New Zealand Dollar tumbled recently and traded towards 0.6920 against the US Dollar.
• The NZDUSD pair broke a major connecting support trend line at 0.6980 on the hourly chart to ignite a downside wave.
• Today in New Zealand, the Visitor Arrivals for March 2017 (YoY) was released by the Statistics New Zealand.
• The outcome was below the forecast, as there was a decline of 0.2% in March 2017, well below the last +1.8%.

NZDUSD Technical Analysis
The New Zealand Dollar struggled a lot recently against the US Dollar, and made a downside move below the 0.6990 and 0.6950 support levels. During the downside move, the NZDUSD pair broke a major connecting support trend line at 0.6980 on the hourly chart.

The pair traded as low as 0.6921 and currently attempting a recovery. An initial resistance is around the 23.6% Fib retracement level of the last decline from the 0.7047 high to 0.6921 low at 0.6950.

Moreover, the 0.6950 resistance also coincides with a bearish trend line on the same chart. Above, it, the 50% Fib retracement level of the last decline from the 0.7047 high to 0.6921 low at 0.6984 may act as a major hurdle.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The Aussie Dollar after moving towards the 0.7550 level found sellers and moved down.
• The AUDUSD pair broke two bullish trend lines with support at 0.7530 and 0.7525 on the hourly chart.
• Recently in Australia, the AiG Performance of Services Index for March 2017 was released by the Australian Industry Group.
• The result was above the forecast, as the AiG Performance of Services Index rose from 51.7 to 53.

AUDUSD Technical Analysis
The Aussie Dollar had a good run towards 0.7550 against the US Dollar until it faced resistance near the 0.7556 level. Later, the AUDUSD pair started moving lower, and broke two bullish trend lines with support at 0.7530 and 0.7525 on the hourly chart.

The pair also moved below the 38.2% Fib retracement level of the last wave from the 0.7448 low to 0.7556 high.

At the moment, the pair is finding support at 0.7500, and the 50% Fib retracement level of the last wave from the 0.7448 low to 0.7556 high. So, there is a chance of AUDUSD recovering towards 0.7525 before it moves down once again.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The Aussie Dollar moved above the 84.00 handle against the Japanese Yen, and following a nice uptrend.
• There is a crucial bullish trend line with support at 83.90 formed on the hourly chart of AUDJPY.

AUDJPY Technical Analysis
The Aussie Dollar started a nice upside move from the 83.30 swing low against the Japanese Yen. The AUDJPY pair gained pace and managed to move above the 84.00 handle and the 21 hourly simple moving average to establish an uptrend.

The pair recently traded towards 84.50 where it faced resistance. It is currently moving lower, but remains supported near a crucial bullish trend line at 83.90 formed on the hourly chart.

The 21 hourly simple moving average is also acting as a major support at 84.05 and preventing downsides below 84.00. On the upside, a break above 84.50 may push AUDJPY towards 84.85.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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Key Points
• The Euro was not able to move above 1.0950 against the Swiss Franc, and moved down.
• There is a contracting triangle pattern formed with support at 1.0900 on the hourly chart of EURCHF.

EURCHF Technical Analysis
The Euro recently bounced from the 1.0880 low towards 1.0950 against the Swiss Franc, but was not able to retain the bullish momentum. Later, the EURCHF pair moved down, and broke the 23.6% Fib retracement level of the last wave from the 1.0881 low to 1.0949 high.

It even traded below the 21 simple moving average and tested a contracting triangle pattern formed with support at 1.0900 on the hourly chart.

The 61.8% Fib retracement level of the last wave from the 1.0881 low to 1.0949 high is preventing downsides. So, there is a chance of a minor upside move towards 21 SMA at 1.0920 where sellers might emerge.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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NZDUSD – New Zealand Dollar Holds Uptrend Support Vs US Dollar
Key Points
• The New Zealand Dollar is holding a couple of important supports like 0.7050 against the US Dollar.
• The NZDUSD pair is following a decent ascending channel with supports at 0.7070 and 0.7050 on the hourly chart.

NZDUSD Technical Analysis
The New Zealand Dollar gained a lot of pace recently and moved above the 0.7020 and 0.7080 resistance levels against the US Dollar. The NZDUSD pair is moving nicely above the 0.7050 support and the 21 simple moving average.

The pair is currently trading near a major bullish trend line at 0.7080, but the most important support one is near a decent ascending channel at 0.7050 on the hourly chart.

There is a chance of a minor dip towards the 50% Fib retracement level of the last wave from the 0.7035 low to 0.7115 high at 0.7077 where it may find buyers for an upside move.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team

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USDJPY – Can US Dollar Recover Above 110.00 Vs Japanese Yen?

Key Points
• The US Dollar is under heavy selling pressure and trading below 110.00 against the Japanese Yen.
• There it a monster bearish trend line forming with resistance at 109.60 on the hourly chart of USDJPY.

USDJPY Technical Analysis
The US Dollar declined heavily recently and moved below the 110.20 and 110.00 support levels against the Japanese Yen. The USDJPY pair traded as low as 109.26 where it is finding support and currently attempting an upside break.

On the topside, there is a monster bearish trend line forming with resistance at 109.60 on the hourly chart. The trend line also coincides with the 23.6% Fib retracement level of the last decline from the 110.76 high to 109.26 low.

Above the trend line resistance at 109.60, the next hurdle is around the 21 hourly simple moving average at 110.00. It is also the 50% Fib retracement level of the last decline from the 110.76 high to 109.26 low. So, it won’t be easy for buyers to break the 110.00 resistance once there is a close above 109.60.

• Guest Post Submitted By Aayush Jindal from the FXTimes Team