FX markets are keeping tricky to trade. With respect to the Dollar-Index the ranges of the last quarter are still working. So it is not surprising that EURUSD cannot make real progress in any direction. Nevertheless the pair looks slightly bid well supported above the 1.1270 for now. To the upside I keep my stance to watch the 50 ema (1.1371) carefully. With a daily close above the short scenario could be over.
Sterling had very good two weeks (see Morning Call #37) and is touching the upper descending trend line around the 1.3610 at time of writing. It may be too early to short GBPUSD but I will keep an eye on the price action.
In my last Swiss Franc update from the 5th of january I nailed the low obviously. Since then EURCHF is skyrocking trading just ahead of the big 1.05 level. I have not read any SNB Intervention news but I do not have a better explanation. If you followed my advice to buy optionality you should have already made some money.
In the first Morning Call of the year I mentioned that the spike in USDJPY could turn out to be wrong. That has come true for the time being. The 4th of january high was 116.35 and the currency pair has not been trading higher since. But trading just 90 pips lower I am not convinced of a sustainable down run yet and keep the pair on the watchlist.
Good luck,
Sebbo
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On my own account, I would like to briefly draw your attention to the “G10 Central Cank Calendar 2022” again. You can print out the following picture or just bookmark fxdesk.de
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