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30.07.2020

CAD/CHF: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (0.6613). The closest resistance level is Kijun-sen line (0.6815).

EUR/TRY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (8.2112). One of the previous maximums of Chikou Span line is expected to be a resistance level (8.5516).

Key Releases

Today, the US currency strengthens against the euro and the yen but weakens to the pound. Investors are focused on the publication of data on GDP and initial jobless claims in the USA, which turned out to be above the market expectations. The US economy in Q2 contracted by 32.9%, which is an all-time high, but investors expected an even worse fall of 34.1%.

Initial Jobless Claims. USA, 14:30 (GMT+2)

Weekly data on initial jobless claims from the USA will be released at 14:30 (GMT+2). The indicator measures the number of people who applied for unemployment benefits for the first time in the past week. These data are collected by the Department of Labor and published in a weekly report. Initial Jobless Claims indicator is used to measure the state of the labor market, since an increase in the indicator means that fewer people are hired. It is expected that the indicator may increase from 1.416M to 1.450M.

Consumer Price Index. Germany, 14:00 (GMT+2)

At 14:00 (GMT+2), German preliminary data on the Consumer Price Index for July will be released. It is the main indicator of inflation in the country and determines the change in the level of retail prices for a particular basket of goods and services: food, transportation, utilities, healthcare, etc. It has a significant impact on monetary policy decisions. It is expected that the Consumer Price Index on an annualized basis will decrease from 0.9% to 0.2%, and on a monthly basis it is expected to decline from 0.6% to –0.2%. The implementation of the forecast can put pressure on EUR.

XAG/USD: technical analysis

This month, silver is actively growing. During the week, the price once again renewed its annual highs at 26.17, however, it has now started a downward correction, which may continue to the levels of 21.87 (Murrey [6/8]) and 20.65 (the midline of Bollinger Bands), as evidenced by Stochastic leaving the overbought zone.

USD/CHF: technical analysis

On the H4 chart, a strong downtrend has formed. The instrument is decreasing along the lower border of the Bollinger Bands; an upward correction is observed, the indicator cloud is expanding; the decline is likely to resume in the short term after the correction is completed. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic is crossing the oversold zone from above, keeping a signal to open short positions.