3 November 2021 Afternoon Session Analysis
Swiss Franc dropped despite upbeat economic data.
Swiss Franc was traded lower against US dollar despite with upbeat economic data. According to Federal Statistical Office, Switzerland Retail Sales figures has ticked up to 2.5% from the previous reading of 0.8%. In addition, Switzerland Consumer Price Index (CPI) edged higher from the previous reading of 0.2% to 0.3%, exceeding the forecasted reading of 0.1%. The rising inflation pressure was boosted by surge of both oil and gas prices while coupled with strong consumer spending in the region. Otherwise, the pair of USD/CHF extended its gains ahead announcement of interest rate decision from Fed. The recent inflation pressure in US which was driven by global supply shortages has fueled up market speculation that Fed will taper its monetary policy tomorrow. As for now, investors would continue to scrutinize on latest update from Fed and further economic data to gauge the trend movement of US dollar. As of writing, the pair of USD/CHF rose 0.08% to 0.9140.
In the commodities market, the crude oil price slumped 0.74% to $82.40 per barrel as of writing amid growing oil supply. According to Chief Financial Officer Murray Auchinclos, BP sets to ramp up its investments in its U.S. shale oil field from $1 billion to $1.5 billion in year 2022. On the other hand, the gold price slumped 0.46% to $1780.10 per troy ounces amid strengthening of US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:15 EUR ECB President Lagarde Speaks
02:00 (4th) USD FOMC Statement
03:30 USD FOMC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Composite PMI (Oct) | 56.8 | 56.8 | – |
| 17:30 | GBP – Services PMI (Oct) | 58 | 58 | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Oct) | 568K | 400K | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (Oct) | 61.9 | 62.0 | |
| 22:30 | CrudeOIL – Crude Oil Inventories | 4.267M | – | – |
| 02:00 | USD – Fed Interest Rate Decision | 0.25% | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 93.85. MACD which illustrate bullish momentum signal suggest the dollar to extend its rebound towards the resistance level 94.45.
Resistance level: 94.45, 95.20
Support level: 93.85, 93.35
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3650. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction after it breaks back above the level.
Resistance level: 1.3650, 1.3735
Support level: 1.3450, 1.3420
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1615. MACD which illustrate bullish momentum signal suggest the pair to extend its retracement towards the support level 1.1535.
Resistance level: 1.1615, 1.1680
Support level: 1.1535, 1.1455
USDJPY, H4: USDJPY remain traded in a sideway channel following recent retracement from the resistance level 114.60. However, MACD which illustrate bearish momentum signal suggest the pair to extend its retracement in short term towards the support level 113.20.
Resistance level: 114.60, 115.85
Support level: 113.20, 112.00
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7455. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.7385.
Resistance level: 0.7455, 0.7550
Support level: 0.7385, 0.7310
NZDUSD, H4: NZDUSD was traded lower following recent breakout below the previous support level 0.7080. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.7080.
Resistance level: 0.7155, 0.7230
Support level: 0.7080, 0.6990
USDCAD, H4: USDCAD remain traded in sideway channel while currently testing the resistance level 1.2410. However, MACD which illustrate ongoing bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.2410, 1.2500
Support level: 1.2295, 1.2200
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9145. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 0.9145.
Resistance level: 0.9145, 0.9215
Support level: 0.9060, 0.8990
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 81.20. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 84.75, 88.40
Support level: 81.20, 79.10
GOLD_, H4: Gold price was traded lower while currently testing the support level 1779.95. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1808.30, 1831.50
Support level: 1779.95, 1748.55