Daily Market Analysis

Market Focus

Slumping technology stocks stood in contrast to a broader gain in U.S. equities, exposing the lingering concerns about the ability of the economy to weather less stimulus and rising Covid outbreaks. While the S&P 500 and Dow Jones climbed to another all-time high, the tech-heavy Nasdaq declined along with Amazon.com Inc. Micron Technology Inc. led a decline in chip stocks, which slid for a fourth session. Energy shares rallied with oil. In Europe, the Stoxx 600 Index climbed for a seventh day.

The Senate passed a $550 billion infrastructure plan that would represent the biggest burst of spending on U.S. public works in decades, sending the legislation to the House where its fate is in the hands of the fractious Democratic caucus.

The bipartisan 69-30 vote Tuesday marked a significant victory for President Joe Biden’s economic agenda. It was a breakthrough that has eluded Congress and presidents for years, despite both parties calling infrastructure a priority and an issue ripe for compromise. Nineteen Republicans, including Minority Leader Mitch McConnell, joined with all 50 senators who caucus with Democrats to support the bill.

However, the bill still faces hurdles in the House, which is scheduled to be on break until Sept. 20. House Speaker Nancy Pelosi, under pressure from progressives who want their priorities addressed, has said she will not allow a vote on the bipartisan package until the Senate has passed the broader economic plan. Moderates, meanwhile, are clamoring for the House to take up the bill sooner than that.

Main Pairs Movement:

The greenback surged against European and safe-haven rivals but edged marginally lower against commodity-linked currencies, which were underpinned by the solid performance of crude oil and energy stocks.

The euro pair fell for a seventh consecutive day, heading toward the yearly low at around 1.1700. Cable settled around 1.3840, while Aussie added some 20 pips, and Lonnie hovered within the 1.2520 price zone. NZD/USD has been back to the 0.7000 level on Tuesday. USD/JPY extended its advance and trades at its highest in almost a month around 110.60.

Gold remained depressed, ending the day at $1,730 a troy ounce. Crude oil prices recovered some ground, with WTI ending the day at $68.50 a barrel, and Brent at $70.85. US Treasury Bond Yields continues their rising streak, with the 10-year yield closing the day at 1.3560.

Cryptocurrencies seesawed around the familiar price level amid the ongoing infrastructure bill negotiation which could impose tax requirements on digital assets. Though both Bitcoin and Ethereum ended the day red against the US dollar, their losses were within 2%.

Technical Analysis:

GBPUSD (4-hour Chart)

Pound trade near a daily low of 1.3827 with mounting pressure amid persistent dollar’s strength after spending most of the day hovering around the 1.385 level. The pair has declined with consecutive 4 days. At the same time, dollar remaining in the top spot on hawkish Fed and anticipantion of tapering. On the other hands, net GBP position perspective, last week net shorts dropped sharply in a follow-through from month end squaring. For technical aspect, RSI indicator printed 41 figures, suggesting bearish momentun ahead. For moving average side, 15 long SMA indicator remaining downside movement and 60 long SMA seems to change it upward movement to sideway.

In lights of aforementional, we still expect this pair will continue slightly move to sideway. If price fall ahead, the first immediately support level will eyes on 1.385 level in short term and 1.38 level follow. However, the imminet U.S. CPI data might give dollar rival currencies a whispaw. If price could go over the last highs spot which around 1.395, it will heading to over 1.4 level.

Resistance: 1.3896, 1.395, 1.4

Support: 1.38, 1.3745

EURUSD (4- Hour Chart)

EUR/USD pair is stucking 1.172 around as solid greenback demand persists while the shared currency gives up to tepid German data. Investors welcome U.S. news on infrastructure investment, eyes on U.S. inflation data. The pair seems to have gone into a consolidation phase and was last seen losing 0.14% in daily market at 1.17190 as of writing. From the technical perspective, RSI indicator still immerse in over sought territory, suggesting oevrly incling on bearish momentum. For moving average side, 15 long SMA indicator retaining downward slope and 60 long SMA completely head it way to negative side.

As our mention previously, we expected if price drop below 1.1755, market momentum would drag it to lower lows that eyes on 1.17. Therefore, we forecast 1.17 will be the last support level, especially for bid buyer. On contrast, if price could stand above 1.1755, price will choppy between 1.1755 and 1.18.

Resistance: 1.1755, 1.18, 1.185

Support: 1.17

XAUUSD (4- Hour Chart)

The Japan yen advanced to an almost one-month high of 11.058, trading nearby as the day comes to an end. The greenback retained its strength while New York session, the latter fueled by news indicating a fresh financial injection in the U.S., coming from the government. At the same time, 10 years U.S. treasuries yields has rallied to 1.35%, printed the record high in nearly two-week, that just gain 20% advanced from last bottom. For technical side, RSI indicator record 71.6 figures as of writing, suggesting over bought sentiment for yen market. For moving average perspective, both 15 and 60 long SMAs indicator are retaining downwind movement.

For the price action, the strong resistance has built by last couple high point which around neckline of bottom pattern at 110.66. Meanwhile, relative strong indicator aslo shows the overly sentiment that might forestall the bid side momentum or fuel the take profit action. On contrast, we expect 110.11 will be the first support level yet is short of price cluster, and 109.7 following

Resistance: 110.665

Support: 110.11, 109.7, 109.36

Economic Data

Dear Client,

To provide clients with a better trading experience.

There are no longer be a break in trading time from 23:15-23:30 (GMT+3) for the following indices.

This adjustment will come into effect on 16 August 2021.

The details as shown in the table below:

The above data is for reference only, please refer to the MT4/MT5 software for specific data.

If you’d like more information, please don’t hesitate to contact trading@vtmarkets.com.

Dear Client,

New contracts will automatically rolled-over as follows:

Please note:

• The rollover will be automatic, and any existing open positions will remain open.

• Positions that are open on the expiration date will be adjusted via a rollover charge or credit to reflect the price difference between the expiring and new contracts.

• To avoid CFD rollovers, clients can choose to close any open CFD positions prior to the expiration date.

• Clients should ensure that take profits and stop losses are adjusted before this rollover occurs.

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Daily Market Analysis

Market Focus

The US markets were mixed on Monday as investors concerned about the potential stimulus withdrawal and a resurgence of the delta virus variant. The Dow Jones Industrial Average dropped 106.66 points. The S&P 500 was down 0.1% and the Nasdaq 100 climbed 0.16%. The market tone was flat as investors mulled comments from the Fed’s tapering asset purchases and the US jobs report was better than expectations.

Gold slumped as much as 4.4% during the early trading hours of Asian session, but gradually recover later Monday. The major sudden sell- off was a prototypical shake by last Friday’s better- than- expected jobs report, which led the market to fear that the Fed might be being one step closer to reducing asset purchases and to accelerating the pace of raising the interest rates.

The president of the Fed of Boston added more comments on monetary policy. The Fed’s Eric Rosengren mentioned, there are growing number of people, outside and inside of the Fed agreeing on the Fed who should start dialing back its extraordinary aid because the economy is coming back strongly. Addition to Rosengren’s comment, the central bank should announce in September that it will start reducing its $120 billion by this fall.

Main Pairs Movement:

The Aussie’s bears moving in on a critical support, declining 0.32% on Monday. The bearish move was mostly driven by a strong US dollar as the tapering talk continued to be brought up the table. The US 10- year Treasury yields climbed 1.32%, which underpinned the demand for the US dollar.

The EURUSD currency pair dropped to a multi- month low, closing at 1.1736, and the GBPUSD currency pair declined 0.13% on Monday. The pairs continued to be under pressure as the US dollar held onto gains across the broad.

Crude oil price edged lower as much as 4%, closing at 66.48 as the demand might be lower since Return- to- Office might possibly delay.

Technical Analysis:

GBPUSD (4-hour Chart)

Sterling is trading a touch lower on the day, down 0.15% at the time of writing after sliding from a high of 1.3894 to 1.384. The markets are in consolidation and are still digesting Friday’s jobs report, showed that jobs were added and it was the largest gains in NFP since August 2020. The dollar is better bid on the back of the data, taking on the bears at fresh daily highs. For technical aspect, RSI indicator printed 39 figures nearly market close, suggesting bearish momentun ahead. For moving average side, 15 long SMA indicator have death cross with 60 long SMA indicator while 60 long remaining slightly upside movement.

All in all, we believe this pair still lacking of a direction as it miring in a tiny horizontal channel which choppy nearly a week. If price fall ahead, the first immediately support level is 1.3843 as recently low on Jul 28 and successive fall then market will eye on 1.385 level in short term and 1.38 level follow. On upway, if price could go over the last highs spot which around 1.395, it will heading to over 1.4 level.

Resistance: 1.3896, 1.395, 1.4

Support: 1.3843, 1.38, 1.3745

EURUSD (4- Hour Chart)

The euro dollar turned to the downward and gained a fresh monthly low under 1.174 threshold that pressure as the greenback holds daily win across the board, losses 0.19% to 1.1736 as of writing. No key macroeconomic data was released on Monday. Market participants continue to digest last Friday’s NFP data. From the technical perspective, RSI indicator has drop to 27 figures as of writing, suggesting over sought sentiment for a short term. For moving average side, 15 long SMA indicator retaining downward slope and 60 long SMA has turned it way to negative side.

As our mention previously, we expected if price drop below 1.1755, market momentum would drag it to lower lows that eyes on 1.17. Therefore, we forecast 1.17 will be the last support level, especially for bid buyer. On contrast, if price could stand above 1.1755, price will choppy between 1.1755 and 1.18.

Resistance: 1.1755, 1.18, 1.185

Support: 1.17

XAUUSD (4- Hour Chart)

Gold is having a difficult time staging a convincing rebound following the steep drop witnessed in the early Asian session. With the latest data from the U.S. confirmng the improving labour market conditions, the pair started to edge lower and was last seen losing 1.91 on a daily basis at $1729. At the same time, the greenback rallied along with the U.S. treasury yield shooting into 1.3% territory. Concerns that the Fed is about to taper are likely to remain heightened in the short term, denting investor appetite for the precious metal for which we have witnessed an exodus at the start of the week. For technical side, RSI indicator still immerse in over sought territory, suggesting extremely sell side momentum fuel the market. For moving average perspective, both 15 and 60 long SMAs indicator are retaining downside movement.

For the market sentiment, we see indicator shows market is overly incling to selling moementum which fueled by market data. On the other hands, extremely dynamic movement impact the perspective of moving average. Therefore, we expect market will possibly rebound according to indicator suggestion. however, if momentum continue toward to downside, the first critical will on 1730. On up way, we expect 1751 will be strong resistance.

Resistance: 1751.5, 1792, 1830

Support: 1730, 1700, 1682

Economic Data

Daily Market Analysis

Market Focus

Stocks rose to record levels on the heels of a key labor market report, which reflected a stronger-than-expected rebound in employment last month and a marked drop in the jobless rate. S&P 500 extended its record-setting gains from a day earlier. Dow Jones added more than 100 points, or 0.4%, and also set a record high. The Nasdaq dipped as Treasury yields gained across the curve after the better-than-expected print on the labor market’s recovery.

A slow-going Senate debate over a broad $550 billion infrastructure package spilled into Sunday and could go on for days yet, with lawmakers unable to agree on which final changes to consider.

Amendments still on the table include proposals for new cryptocurrency rules and flexibility for states and localities that choose to use some unspent pandemic relief funds for roads and bridges.

Senator Bill Cassidy, a Louisiana Republican who helped negotiate the bipartisan proposal, said he expects the package of money for roads, water systems and broadband expansion will eventually pass, but suggested that may be two days away unless all 100 senators can agree to speed things up.

Majority Leader Chuck Schumer opened the Sunday session saying Democrats were ready to consider amendments to the legislation, which is a cornerstone of President Joe Biden’s agenda. “That will require the cooperation of our Republican colleagues,” he said. “In any case, we’ll keep proceeding until we get this bill done.”

Main Pairs Movement:

The dollar soared at the end of the week, closing green against most major rivals, right after an upbeat US Nonfarm Payroll report. The US added 943K new jobs in July, while the unemployment rate contracted to 5.4%, both largely beating the market’s expectations. The better-than-expected labor market results revived speculation that the Fed will have to tighten its monetary policy sooner than anticipated.

The eruo pair trades around 1.1760, and Cable settles at 1.3870. Commodity-linked currencies lost ground against their American peer. Loonie surged near 0.5% to the 1.25500 level, Ausssie plummeted to 0.7350, approaching its 2021 low, and NZD/USD hovers around 0.7000, struggling to defend the major support level.

Gold price collapsed, with the yellow metal losing roughly $35, closing the week at $1763 a troy ounce. Crude oil prices were also under selling pressure, with WTI ending the day at $68.00 a barrel, and Brent at $70.30. The yield on 10-year US Treasury note surged to 1.3000, amid the overall market optimism.

Technical Analysis:

GBPUSD (4-hour Chart)

Pound has declined under 1.39 after the U.S. reported an increase of 943k jobs, beating expectations and raising outlook for tighter monetary policy by Fed, set 1.38785 as of writing. At the same time, macroeconomic data trigger sell-off in U.S. treasuries. For technical aspect, RSI indicator pull up from slightly-bearish condition to set at 41 figures, suggesting slightly bearish movement ahead. For moving average side, 15 long SMA indicator slightly heading to negative territory and 60 long SMA indicator remaining upway traction.

All in all, we believe this pair still lacking of a direction as it miring in a tiny horizontal channel which choppy nearly a week. If price fall ahead, market will eye on 1.385 level in short term and 1.38 level follow. On upway, if price could go over the last highs spot which around 1.395, it will heading to over 1.4 level.

Resistance: 1.3896, 1.3985, 1.4

Support: 1.3665, 1.3745, 1.38, 1.385

EURUSD (4- Hour Chart)

The euro dollar pair dropped further and hit the nearly 4-month bottomed at 1.1754 then pull up side way close to the end of the day, holding on 1.176 with 0.61 losses as of writing. The slide is being driven by a rally of the greenback across the G-10 currencies as the outerperformance on labor market data. From the technical perspective, RSI indicator has drop to 27 figures as of writing, suggesting over sought sentiment for a short term. For moving average side, 15 long SMA indicator retaining downward slope and 60 long SMA remaining flat. Moreover, 15 and 60 long SMAs indicator has death cross in the daily market.

In the lights of indicator shows, euro dollar has drop badly in short term with market momentum. however, price action give euor dollar a solid support level at 1.1755 which it rebounded after once touched. At current stage, we expect 1.1755 will be the strong short term support in terms of momentum. If price successive down, then price will see at lower lows and next support will be 1.17.

Resistance: 1.1766, 1.18, 1.1848, 1.19

Support: 1.1755, 1.17

XAUUSD (4- Hour Chart)

Gold price came under strong bearish pressure in U.S. session after latest NFP data beat the expectation in July, price linger $1762 as of writing once it hit rock-bottom at 1759. The DXY index edged up 0.6%, having the best day in weeks and trading at 2-week highs. Meanwhile, stocks are holding in positive position across U.S. market despite NAS100 was pared by 10 years U.S. treasuries yield bullish traction, recording 5.3% gains to 1.29% level. For technical side, RSI indicator slightly declined to 21 figure as of writing, suggesting over sought sentiment in short term. For moving average perspective, both 15 and 60 long SMAs indicator are turning to south side, two indicator has death cross.

For the market sentiment, we see indicator shows market is overly incling to selling moementum which fueled by market data. On the other hands, extremely dynamic movement impact the perspective of moving average. Therefore, we expect market will possibly rebound according to indicator suggestion. however, if momentum continue toward to downside, the next critical support will eye on 1751.5.

Resistance: 1792, 1809, 1830.5

Support: 1759.2, 1751.5

Economic Data

Dear Client,

Warmly reminds you that the component stocks in the stock index spot generate dividends. When dividends are distributed, VT Markets will make dividends and deductions for the clients who hold the trading products after the close of the day before the ex-dividend date.

Indices dividends will not be paid/charged as an inclusion along with the swap component. It will be executed separately through a balance statement directly to your trading account, the comment for which will be in the following format “Div & Product Name & Net Volume ” .

Please note the specific adjustments as follows:

Note: The above data is for reference only, the actual execution data may be changed, please refer to the MT4 software for details.

If you’d like more information, please don’t hesitate to contact trading@vtmarkets.com.

Daily Market Analysis

Market Focus

Major US Indices edged higher on Thursday ahead of a key labor market report on Friday. The Dow Jones Industrial Average rose 271.58 points; the S&P 500 added 0.6% while the Nasdaq climbed 0.8%. Major indices were led by travel stocks, including airlines, rallying on Thursday after struggling over the past week.

Futures rose in Hong Kong and Japan after the S&P 500 and the Nasdaq 100 reached new peaks. Investors viewed the ADP report this Friday that stocked optimism, which might spark market swings.

In the latest Federal Reserve’s comments, Governor Walker is positive about the economic outlook, and he thinks that accommodative policy could possibly sooner than expected. In the meantime, Senator Joe Manchin has urged the Fed Chairman Jerome Powell to start tapering the bond purchases.

Ethereum, the second- largest cryptocurrency, went through a major upgrade, known as EIP- 1559 London, which is expected to reduce the supply of the token and stabilize transaction fee. As a result, the Ethereum was close to a two- month high.

Main Pairs Movement:

GBPUSD rose as high as 1.3949 after the Bank of England’s decision, signaling some modest tightening of its monetary policy in order to keep inflation under control. As the British central bank starts leaning to a hawkish tone, it allows the members from the committee to begin discussing raising interest rates. The GBPUSD currency pair ended up closing at 1.3926.

AUDUSD climbed steadily, closing at 0.7399 as the Australian government bonds edged lower before the release of a quarterly statement on the monetary policy.

Platinum plunged to a seven- month low as the spread of the Covid hurt the outlook for industrial commodities while the Fed signaled the tapering plan.

The precious metal, gold, dropped to near one- week lows, closing at $1,804. The downside was mainly caused by the overnight hawkish comments from the Fed’s Clarida, who remarked on the non- yielding metal.

Technical Analysis:

GBPUSD (4-hour Chart)

Cable rose as high as 1.3949 after the BoE decision but was unable to break the resistance needed for an upside traction in the the daily market which awaiting NFP data tomorrow, holding 1.3929 with 0.29% gains. BoE officials siad they will kick off unwind their alomost 900 billion-pound quantitative easing program when the interest rate reaches 0.5%, much earlier than previously thought. For technical aspect, RSI indicator pull up from slightly-bearish condition to set at 57 figures, suggesting slightly bull movement ahead. For moving average side, 15 long SMA indicator holding a flat side movement and 60 long SMA indicator remaining upway traction.

All in all, we believe this pair still lacking of a direction as it miring in a tiny horizontal channel which choppy nearly a week. If price fall ahead, market will eye on 1.385 level in short term and 1.38 level follow. On upway, if price could go over the last highs spot which around 1.395, it will heading to over 1.4 level.

Resistance: 1.3896, 1.3985, 1.4

Support: 1.3665, 1.3745, 1.38, 1.385

EURUSD (4- Hour Chart)

Earlier in the day, the modest greenback weakness helped euro dollar pair push higher, yet, failed to gather bullish momentum. As of writing, the pair was virtually unchanged on the day at 1.18351. Meanwhile, market eyes turn to the U.S. NFP report as ADP figures miss the expectation. From the technical perspective, RSI indicator close 43 figures as of writing, suggesting slightly-bearish movement for a short term. For moving average side, 15 long SMA indicator retaining downward slope and 60 long SMA remaining flat.

For price action, If price could breach 1.188 firmly again, it could heading to higher level. On downside, we deem the most strong support level will be 1.1766 level. Moreover, it seems like building a double head price action and neckline will be on 1.1848. For now, we think price will consolidate in tiny range between first immediately resistance and support.

Resistance: 1.1848, 1.188, 1.19

Support: 1.18, 1.1766

XAUUSD (4- Hour Chart)

As of writing, the price of gold is back above the psychological 1800 level, hit recently lowest spot, at 1804.6. In the absence of high-tier macroeconomic data released, the 3% rallied witnessed in the 10 years U.S. treasuries yields seems to helping the greenback stay resilient then pressure on yellow metal market. At the meantime, the risk-on mode it on the fire for market speculator hence save haven demand become scarcely. For technical side, RSI indicator slightly decline to 42 figure as of writing, suggesting a bearish movement ahead. For moving average perspective, both 15 and 60 long SMAs indicator are moving in flat momentun at the same time, two indicator seem about to intersect .

For price action, we forecast the 1795 level is a pivotal support for buy side investor. If price go down below it, the immediately but fragile support will be 1788.5 and next support will eyes on 1780. On upside, we believe 10 year U.S. treasuries yields still a barometer. If yield could continue decline, it will fuel yellow metal to edge up.

For price action, if price slip under 0.9047, we expect the momentum will lead it to further way on 0.9 level. On upside, price seem building a comfort resistance cluster area at 0.90756, 0.91 following.

Resistance: 1808.92, 1830.5

Support: 1795.25, 1788.5, 1765.5

Economic Data

Dear Client,

Please note that adjustment on following products due to National Women’s Day and August Bank Holiday.

If you have any questions, our team will be happy to answer your questions. Please mail to trading@vtmarkets.com or contact the service online.

Daily Market Analysis

Market Focus

U.S. equities pared back gains on Monday after Treasury yields extended a decline following softer-than-expected U.S. manufacturing growth amid lingering supply constraints. The S&P 500, Dow Jones and Nasdaq all fell from earlier highs as investors considered the impact of the 10-year Treasury yield hitting as low as 1.15% on Monday, putting concerns about growth on display. At the end of the day, Dow Jones dropped 0.28%, while Nasdaq closed green with a little comeback.

A surge in Covid-19 cases across the U.S. brought on by the fast-spreading delta variant is increasing pressure on U.S. drug regulators to fully approve Pfizer Inc.’s vaccine, the first one to apply for full licensure in the U.S.

Full approval could help the Biden administration ramp back up its immunization drive and reassure vaccine holdouts that the shots are safe. It could also make it easier for more schools and workplaces to put immunization mandates in place.

Meanwhile, breakthrough cases that penetrate the shot’s defenses are being monitored by health officials. While the Pfizer-BioNTech SE mRNA-based vaccine, cleared in the U.S. via an emergency-use authorization late last year, remains highly effective at preventing severe disease, the question of whether booster shots will be needed looms as fall approaches.

Main Pairs Movement:

Market players were optimistic at the beginning of the day, with dollar easing against its major rivals. The sentiment turned sour during American trading hours, as the latest official ISM index contracted from 60.6 to 59.5, a sign of slowing economic progress.

The euro pair hovers around 1.1870, while cable stands below 1.3900. The performances of commodity-linked currencies were mixed. The AUD rose, the NZD fell, and the CAD lost demand amid plunging oil prices.

With renewed demand for safety, the US treasury yields plummeted to their 2-week low, and the safe haven JPY surged against the greenback. Gold jumped to the intraday high amid the dismal market mood, but somehow dropped back to familiar levels at the end of the day. Crude oils plunged, with WTI retreated to $71.50 a barrel, and Brent traded at $73.20, 2.60% off than the previous day.

In general, major pairs held within familiar levels as investors await first-tier data scheduled for later in the week. In the US, employment is taking the center stage with the Nonfarm Payroll report.

Technical Analysis:

GBPUSD (4-hour Chart)

After reaching five-week high of 1.398 level on last Friday, closing it best week against the weakening greenback since early May, the sterling bears have piled in again as the week gets underway. As of writing, sterling is trading at 1.3885 and down 0.14% in the day market. On economy side, U.K. Marketing Manufacturing PMI improved to 60.4 in July, following the expectation. For technical aspect, RSI indicator correct it momentum then set 47 figure, suggesting slightly bear movement ahead. For moving average side, 15 long SMA indicator has turned it slope to south way with sterling slightly moving downward and 60 long SMA indicator remaining upway traction.

All in all, most possibility for sterling is a south way momentum as short term SMA and RSI show a bearish suggestion. Moreover, sterling fell below 1.3896 which is a neckline according to price action.

Resistance: 1.3896,1,3985, 1.4

Support: 1.3665, 1.3745, 1.38

EURUSD (4- Hour Chart)

The pair advanced higher toward 1.19 during the European session but failed to defend the upside momentum. At the end of the day, pair was virtually unchanged on the day at 1.187. As U.S. ISM Manufacturing PMI came lower than expected in July that reversed risk-positive market circumstance, directly finding buy-in demand for greenback. From the technical perspective, RSI indicator close 55 figures as of writing, suggesting slightly-bull movement for a short term. For moving average side, 15 long SMA indicator shows flat movement side and 60 long SMA remaining acending movement.

For price action, market seems finding a comfortable support level at 1.1848 and flirting around 1.1848~1.188. As current stage. If price could breach 1.188 firmly again, it could heading to higher level. On downside, we deem the most strong support level will be 1.1766 level. Moreover, it seems like building a double head price action and neckline will be on 1.1848.

Resistance: 1.188, 1.19

Support: 1.1848, 1.18, 1.1766

USDCHF (4- Hour Chart)

The USDCHF pair closed in the negative territoru for consecutive 5 straight days and lost more than 100 pips last week. On Monday, the pair stays in a consolidation phase following the data realeases from Switzerland. As of writing, pairs was flat in the day market at 0.905. At the same time, U.S. and E.U. share markets were pull back from the daily high spot, fueling momentum for swiss franc.

For technical side, RSI indicator rebound from over sought zone to 36 figure, suggesting a bearish movement ahead. For moving average perspective, both 15 and 60 long SMAs indicator are moving to south way.

For price action, if price slip under 0.9047, we expect the momentum will lead it to further way on 0.9 level. On upside, price seem building a comfort resistance cluster area at 0.90756, 0.91 following.

Resistance: 0.9075, 0.9134

Support: 0.9047, 0.9

Economic Data

Dear Client,

Warmly reminds you that the component stocks in the stock index spot generate dividends. When dividends are distributed, VT Markets will make dividends and deductions for the clients who hold the trading products after the close of the day before the ex-dividend date.

Indices dividends will not be paid/charged as an inclusion along with the swap component. It will be executed separately through a balance statement directly to your trading account, the comment for which will be in the following format “Div & Product Name & Net Volume ” .

Please note the specific adjustments as follows:

Note: The above data is for reference only, the actual execution data may be changed, please refer to the MT4 software for details.

If you’d like more information, please don’t hesitate to contact trading@vtmarkets.com.