Title - BoJ, SNB hold rates, Norges Bank delivers a hike and BoE awaited

Created 09/19/2019 at 09:01AM


CHF and NOK are the top G10 FX gainers today, up 0.54% and 0.47% vs the dollar while AUD and NZD are the top losers, down -0.5% and -0.13% vs the dollar.

 

Japanese yen and Swiss Franc rallied after the Bank of Japan and SNB, both kept rates on hold, even though Federal Reserve had hinted (on Wednesday) at further easing over the coming months.

 

Bank of England policy decision is due next but uncertainty over Brexit will limit any forward guidance. The U.K. retails sales underwhelmed (-0.2% vs 0.0% expected).

 

Elsewhere, Norges Bank delivered the fourth rate hike as expected, further diverging from the trend set by the other major central banks.

 

In the Asian equities space, the Nikkei 225 closed up 0.38% at 22,044.45, Hang Seng closed -1.07% at 26468.95 and Kospi ended 0.46% at 2080.35. The European equities were trading firm with the FTSE up +0.19% at 7328.13, DAX up +0.31% at 12427.95, and CAC up +0.46% at 5646.73. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.7735% and the Bund 10-year yield trading at -0.495%. In the energy space, the Brent (front month) is trading up (0.58%) for the day at $63.97.

 

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Daily Pivots for Key Currency Pairs

 
 

Economic Calendar

 
 

10-year Yields Chart (6-month)

 
 

USD-Index Daily Chart (6-month)

 
 

Brent Front Month Daily Chart (6-month)

 
 

Trade Weighted Basket Hourly (two-week)

 
 

(Content and Data by Tradermade)

 

Major Currency Pairs

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.1085 for 1.0975
Short-term view: EUR/USD resistance at 1.1085, MACD and RSI are weakening. Hence, we see a move to 1.0975, likely 1.0903. Above 1.1085 to open 1.1120

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2520 for 1.2381
Short-term view: GBP/USD resistance at 1.2520, MACD and RSI are weakening. We see risk of a dip to 1.2381, likely 1.2325. Above 1.2520 to open 1.2584

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.43 for 107.48
Short-term view: USD/JPY has resistance around 108.43, MACD and RSI are topping out, Hence, we see a move lower to 107.48, likely 107.05. Above 108.43 opens 108.81

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6830 for 0.6725
Short-term view: AUD/USD MACD and RSI are weakening, resistance at 0.6830 for a move lower towards 0.6725, likely 0.6650. Above 0.6830 we look for 0.6869.