Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 0.89851 with take profit at 0.89556.
Alternative scenario: Buy position is envisaged if price trades above 0.90217 with take profit at key level 0.90648.
ISM Manufacturing PMI (US) 3 PM
Comment: The USD saw a record drop in price among major currency pairs as Fed's chair's speech failed to assure investors that an increase in interest rates would come sooner than later. The CHF being a defensive currency has seen investors flock to the Swissy, increasing the value of the currency. The news by 3 pm would also affect the instrument.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.19662 with take profit at 1.20381
Alternative scenario: Sell position is envisaged if price trades below 1.19406 with take profit at 1.19236
ISM Manufacturing PMI (USD) 3 PM
Comment: The USD saw a record drop in price among major currency pairs as Feds chair's speech Mr Powell failed to assure investors that an increase in interest rates would come sooner than later, with interest rates at an all-time low and inflation rates are yet to spike up. Investors are pessimistic on the dollar, hence the fall of the buck.
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Adefuwa Ayodele