MUFG on the timeline for selling the US dollar MUFG Research discusses the current conditions of the FX market and notes that " Fundamentals will of course come more into play in time but only after the positioning stress is relieved and the extreme illiquidity problems subside. When that does happen and we may be […]

<p>USD/CHF’s rebound from 0.9181 extended to as high as 0.9901 last week. The break of 0.9484 resistance should indicate completion of fall from 1.0237. Initial bias remains is now on the upside this week for 1.0023 resistance. Break will target 1.0237 high. On the downside, below 0.9649 minor support will turn intraday bias neutral and

<p>GBP/USD&#8217;s decline accelerated to as low as 1.1409 last week, then formed a temporary low there and recovered. Initial bias remains neutral this week for consolidations first. But recovery should be limited by 1.2129 minor resistance to bring fall resumption. On the downside, break of 1.1409 will resume larger down trend. In the b

<p>Bets on major currency futures were trimmed on last week, as major central banks announced emergency measures to contain risks of global recession. US dollar soared last week despite Fed’s two rate cuts in 2 weeks, bringing the Fed funds rate -150 bps lower. Besides announcing to expand QE by +120B euro, ECB accelerated measures [&he

Get the weekly Forex forecast for major currency pairs for the week of March 23, 2020 here.

<p>Bets on oil and precious metals futures fell across the board. According to the CFTC Commitments of Traders report for the week ended March 17, NET LENGTH for crude oil futures jumped +52 840 contracts to 440 237 for the week. Speculative long positions fell -14 748 contracts while shorts slumped -67 588 contracts. For […]

Italy, the world’s worst-affect country by the coronavirus pandemic, reported a massive jump in the number of deaths that rose by 793 to 4,825 on Satu

Gold has recovered after the "sell-everything" mode in global markets battered by the coronavirus outbreak. The precious metal is a safe-haven asset a

<p>EUR/CHF edged lower again last week with very weak downside momentum. Overall outlook remains unchanged. With 1.0710 resistance intact, further decline is expected. Current down trend should target 100% projection of 1.1476 to 1.0811 from 1.1059 at 1.0394 next. However, on the upside, break of 1.0710 will indicate short term bottoming. Str

<p>EUR/AUD surged to as high as 1.9799 last week, then formed a short term top there and treated. Initial bias stays neutral this week for more consolidations. Downside should be contained by 61.8% retracement of 1.6085 to 1.9799 at 1.7504 to bring rebound. On the upside, break of 1.9799 will resume larger up trend. In […]