Economic_News

USDCHF spiked higher as headline-driven volatility sent yields and the USD surging. However, the upside move met resistance, with price stalling just below the falling 100-hour moving average at 0.86736. The high reached 0.86678, narrowly missing the MA level before rotating back lower. That rejection reinforces the importance of the 100-hour MA as a key resistance level to watch going forward.

On the downside, the 4-hour chart highlights a support swing area between 0.85309 and 0.85570 (see red numbered circles on the chart below).

Between these broader levels lies a key mid-range zone defined by the 38.2% retracement and a secondary swing area between 0.86078 and 0.86190. This area will act as a barometer for short-term directional bias (see blue numbered circles on the 4-hour chart).

Buyers took there shot, but stalled the rally. So buyers and sellers are now in a battle.

This article was written by Greg Michalowski at www.forexlive.com.

USD/CNH has edged through the spike high on April 2, following the Liberation Day tariff announcement.

China has plenty of fundamental backing now to let it currency depreciate. That surely won’t set the stage for an improvement in relations but escalating tariffs at this point is more a function of rhetoric than trade. I would expect Chinese exports to fall catastrophically with the promised 104% tariff.

Notably, this 7.34 level is still below the December high of 7.37, which should offer some resistance.

This article was written by Adam Button at www.forexlive.com.

OPEC+ picked the worst-possible time to accelerate a return of barrels to the market and that pushed WTI as low as $58.95 today.

The influential secondary sources survey from Reuters has March OPEC output down 110K bpd despite a scheduled increase in production. That dip might help to explain why the organization accelerated output, or thought it could.

Output from Nigeria, Iran and Venezuela fell by 50k bpd in the month, with the latter two likely due to fresh US sanctions. Those two aren’t subject to quotas but Nigeria is.

The survey showed Saudia Arabia, Iraq and the UAE were all at or slightly under quota.

This article was written by Adam Button at www.forexlive.com.