The Forex Market Insight Report shows charts on different major currencies and commodities, with brief commentaries on how new data releases and news cause movements in the market.

Headline:

  • Swiss National Bank intervention shocks markets; EUR/CHF jumps almost 10 per cent
  • Gold smashed as traders exit traditional safe havens for USD
  • AUD/USD pushed above 1.060 before reversing sharply lower
  • EUR, GBP both sharply lower on European fears; flight to safely
  • Dow pares back early losses to close down 0.9%
  • Today’s major releases includes local GDP at 11.30am and BoJ rate decision sometime today

AUD/USD
The AUD/USD experienced a volatile night on the back of the SNB invention. The AUD/USD was quickly forced up into resistance at 1.0560/600 before reversing more than 200 pips. From here, the focus will remain on the down side, with a move back to 1.0570 seen as sellable. A break of 1.0485 will also be a selling opportunity.

XAU/USD
Gold was battered by the SNB intervention with the Swiss move causing gold to snap lower from new all-time highs. Traders are likely to continue to focus on the upside, with 1860 seen a support.

EUR/USD
The EUR/USD was battered by the SNB intervention last night, causing the pair to push up towards 1.4300 initially before continuing lower. The focus will be on 1.3970 with a break below that level likely to be seen as a continuation of the downtrend.

GBP/USD
The GBP/USD has continued lower after breaking below 1.6135 over the last few days. Yesterday’s move was sharply lower and traders will be waiting for a move to 1.6070/100 to consider new shorts.

USD/JPY
The USD/JPY pushed higher overnight as traders moved into the safety of the US dollar, but the move terminated at resistance at 77.70. From here, traders will be focused on the downside, with the potential for a move back to 76.50.

SILVER
Silver pulled back to 42.00 overnight and traders will consider this a buying opportunity. A significant break below 42.00 will mean the market becomes less certain on the bullish side.

USD/CHF
The USD/CHF surged overnight on the back of the SNB intervention and wise traders will be waiting for the dust to settle before taking new positions.

GBP/JPY
The GBP/JPY continued lower yesterday and the bearish trend remains dominant. From here, traders will be looking for a move back to resistance before considering new shorts.

AUD/JPY

The AUD/JPY broke below 80.80 for a short time yesterday before bouncing back higher and this should be seen as a bullish sign. From here, a pullback to 81.00 is likely to be seen as a buying opportunity.

OIL
Oil bounced back to resistance at 86.50 and traders will be focused on the downside until we see a clear break above 86.50. That said, a break of 86.50 will be seen as bullish.
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