Swiss Franc Weakens At Close Of Trading Week

• 9 Mar 2018

GOLD

Gold has been trading in range between the 1313.77 and 1357.41 price level and more latterly, the 1313.77 and 1340.52 price levels. Having broken the 20- period EMA, the metal is now approaching a significant resistance line. Momentum indicators have downward trajectories and MACD has crossed the zero line to the downside.

AUD/CHF

The AUD/CHF pair has broken the 20- period EMA as well as the 0.739 price line.  Price action is now testing the 0.7422 price level and clearly, a break of this previous support level would be significant. Both momentum indicators have undergone a bullish momentum reversal.

CAD/CHF

The CAD/CHF chart mimics almost exactly the AUD/CHF chart with the pair testing both the 20- period EMA and the 0.739 price level. A strong bullish candle in yesterday’s trading has pushed prices higher as the pair completes a bullish reversal. The reversal is supported with similar trajectories on momentum indicators.

Impact event: Canadian Employment Change data will be released at 15:30 GMT+2 and will impact all CAD pairs.

GBP/CHF

The GBP/CHF pair has begun a bullish breakaway to test the 1.313 price level. A break may send the pair towards the next resistance line at the 1.328 price level. Momentum indicators support bullish sentiment, however, buyers appetite will determine how much higher prices will go.