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The Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
Forex Market Wrap Analysis
The market volatility was high this week due to scheduled and non-scheduled news events. The headline risk this week was provided by a crisis in the global banking sector which started with SVB. This then spread to European banks with Credit Suisse stocks falling after their largest shareholder, Saudi National Bank refused to buy more shares due to regulatory restrictions. This caused the market to move into a risk off environment in which the JPY continued to benefit from.
In other news, the European Central Bank hiked rates by 50 basis points despite the potential for this rate rise putting pressure on European banks. The ECB stated that their fight is with inflation, but will support the banking sector if needed. This calmed the markets slightly although the banking sector globally remains under pressure.
The Federal Reserve will be announcing their rate decision next week, with many investors now thinking the US central bank will hold rates. This may shock some due to the recent increase in Core CPI, which came in above expectations at 0.5%.
USDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- Price performed as expected this week once the price traded below support at 134.50.
- Once this broke down the price went in search of another level of support at the 132.75.
- Price rebounded from this level before finding resistance at the key level of 134.50.
USDCHF
The price on the chart has traded through multiple technical levels and some observations included:
- Last week the USDCHF price fell through many key support points dropping over 300 pips.
- In the week ahead analysis video we identified the supporting levels of 0.9150 and 0.9050.
- The price found support and rallied into the key resistance of 0.9300.
AUDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- Price continued to trade lower this week despite finding support at the key level of 88.50.
- After price rallied it found resistance around the zone of 90.50 which offered further selling opportunities for traders.
- Price has again found support at the lows.
CADJPY
The price on the chart has traded through multiple technical levels and some observations included:
- CADJPY was on our watchlist this week due to the currency strength meter.
- The currency strength meter identified the Canadian Dollar getting weaker and the JPY getting stronger, this led to a short opportunity forming around the 98.00 or 98.50 level.
- Price fell over 200 pips into the lows of 96.00.
Have you watched our USDJPY analysis? You can see it here.
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