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USD/CHF Daily Outlook

The break of 0.9427 argues that larger decline from 1.0342 is resuming. Intraday bias stays on the downside for the moment. Current fall should now target 61.8% projection of 1.0099 to 0.9437 from 0.9772 at 0.9363 next. On the upside, above 0.9493 minor resistance will turn bias neutral first. But outlook will stay bearish as long as 0.9679 resistance holds.

GBP/USD Daily Outlook

GBP/USD’s rise from 1.2773 is still in progress and intraday bias stays on the upside for 1.3267 resistance. Break will target 1.3444 key resistance level next. Price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.3018 minor support will turn intraday bias neutral first.

EUR/USD Daily Outlook

Break of 1.2069 resistance indicates that medium term rise in EUR/USD from 1.0339 is finally resuming. Intraday bias is back on the upside. Current rise should target next key fibonacci level at 1.2516. On the downside, break of 1.1822 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

Hungary Trade Surplus Shrinks In July

Hungary’s foreign trade surplus decreased notably in July from a year ago, as imports grew faster than exports, preliminary figures from the Hungarian Central Statistical Office showed Friday.

The trade surplus fell to EUR 322 million in July from EUR 681 million in the corresponding month last year. Economists had expected the surplus to drop to EUR 660 million.

Both exports and imports climbed by 5.2 percent and 11.0 percent, respectively in July from last year.

The share of EU member states was 79 percent in exports and 78 percent in imports.

During the first seven months of the year, total trade surplus of the country was EUR 5.15 billion versus EUR 6.12 billion in the same period of 2016.

The material has been provided by InstaForex Company –

Swiss Franc Falls Against Majors

Reversing direction, the Swiss franc dropped against its key counterparts in early European deals on Friday.

The franc retreated to 0.9482 against the greenback and 1.2464 against the pound, from its early 2-year high of 0.9421 and a 3-day high of 1.2387, respectively.

The franc hit near a 2-week low of 113.55 against the yen, after having advanced to a 3-day high of 114.50 at 10:45 pm ET.

Reversing from an early high of 1.1388 against the euro, the franc weakened to 1.1424.

The next possible support for the franc is seen around 111.00 against the yen, 1.26 against the pound, 1.17 against the euro and 0.96 against the greenback.

The material has been provided by InstaForex Company –

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