Originally updated: 07:20
Trading Bias: Neutral
Currency pair: None
Current Sentiment: – Neutral
In today’s trading session I will be awaiting news flow to provide opportunities to get into the market as there is no clear sentiment.
The overnight session was relatively subdued as the calendar and newswires were light on market moving news, this prompted some profit taking on the USD. We could expect further weakness on the CHF pairs as we can expect the SNB to take some action on the EUR/CHF pair in line with their wishes to see the pair trade at 1.10. We have seen the USD pull back from it’s yearly highs with the USD trading lower after posting its best rally in over 6 years, which comes ahead of this weeks FOMC statement.
At this stage of the session, with limited news flow to present a reason to get into the markets I will be waiting for pairs to approach key levels of support/resistance and trade the overall trend in line with the fundamentals – this will of course be in conjunction with any news flow we have that provides the market with fresh sentiment and a reason to start getting involved in the market.
Other Market Moving News:
Looking ahead at today’s economic calendar we have ECB’s Draghi due to speak however market moving news remains limited. Be aware that we have the FOMC meeting on Wednesday so you want to be careful exposing yourself to the USD, because if the Fed don’t remove patient from their language we could see a big USD sell-off after how fast the USD has gained ground
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Source:: Trading Outlook – Neutral