PMI reports from the EU, the UK, and the USA will be released during the day!
Risk-off sentiment pushes safe-havens up
The comment by the US President Donald Trump resulted in the sell-off of the risk-weighted currencies in the market today and an increase of inflows into the safe-haven assets. Of course, those actions were provoked by Trump's suggestion that the US-China trade deal seems unlikely to be reached until the next year's elections.
- USD/JPY has slid below the 200-period SMA and managed to stick below the ascending trendline on H4. If bulls want to push the pair within the uptrend, they will need gear to test the 108.8 level (200-period SMA). If this level is broken, buyers will push the pair higher to the 109.01 level. The key targets from the downside lie at 108.65 and 108.5.
USD/CHF has broken the ascending trendline on H4 and has been moving towards November’s support at 0.9872. After the breakout, bears need to pay attention to the 0.9850 level. As the RSI and stochastic oscillators are oversold, we may suggest that bulls may try to push the pair above the uptrend and test the 0.9896 level. The breakout of this level may push the pair higher to 0.9909.
Today traders await the European Central Bank to make a policy statement at 14:45 MT (GMT+3).
Oil dropped to the lows unseen since late May. Bitcoin has dropped below $30,000, while gold has reversed up from a dip under $1,800.
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…