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Overall, the major currencies appeared able to break above the highs set on Wednesday during the European session (and actually managed to hold for a while), but the upside move was halted after the Swiss National Bank issued a downbeat statement, in which it said that the risk for the global economy still lies to the downside. This allowed the dollar to strengthen across the board, and sent the major pairs back into the range seen during the Asian session. 

The Euro (Eur/Usd) had an approximately 30-pip range throughout the overnight session. Around the London open, the pair tried to take out Wednesday’s high, but it failed due to the SNB’s statement. For now, the euro is trading once again within the range developed in the first part of the overnight session. 

The Pound (Gbp/Usd) traded slightly above the neutral pivot point (1.6365) during the early part of the overnight session. In the early European session, the pound surged approximately 100 pips to test the resistance trend-line that connects the 06.11 and the 06.16 highs. However, the pound breakout attempt was rejected, and since then cable has tumbled approximately 280 pips, 180 of which came in less than 15 minutes after the 4:30am EDT calendar releases.

During the European session, the pound had a very busy release calendar. A report showed that retail sales fell 0.6% in the U.K between April and May. Both food and non-food stores recorded strong decreases in sales in the month of May from April. A different report showed that public sector borrowing rose in the U.K. to £19.9B in May. 

The Aussie (Aud/Usd) tried to break from the range of the prior day of trading, but as yet has failed to do so. During the late Asian session, the aussie tested the neutral pivot point (0.7920) but the move was rejected due to the pair’s thin volume. In the European session, the pair tested TheLFB R1 (0.8000), but yet again the market rejected the move as the SNB issued a downbeat statement. 
The Cad (Usd/Cad) spent most of time trading slightly above the 1.2950 area. During the London open, the cad broke below the support level, but this move was rather short-lived as the market retraced completely the breakout attempt. On Wednesday, the cad formed a bearish pin-bar formation, which is usually interpreted as a reversal pattern.

The Swissy (Usd/Chf) had a 60-pip range during the overnight trading hours, but still the pair was unable to move anywhere decisively. Moreover, during the European session the SNB decided to maintain the Libor rate at 0.25%, while it issued a statement in which it said, “the global economic situation remains unfavorable and further economic deterioration cannot be ruled out […] The SNB will take firm action to prevent an appreciation of the Swiss franc against the euro.” This statement allowed the dollar to strengthen once again in the currency market, helped by weak equities. 

The Yen (Usd/Yen) had a relative small range of trading during the overnight session, even though the rest of the major pairs tested some important price points. Since Thursday’s session started, the yen has moved in a 30-pip side-ways channel, delimited by the neutral pivot point (95.95) and by the 95.65 support area. 

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