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Dukascopy Forex Overview: 21-04-2017 - Morning

Dukascopy Bank analytic desk report
Published: 21/04/2017 08:31
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Technical Analysis
EUR/USD back below weekly R2
"Both Le Pen and Melenchon represent a risk for markets, but Melenchon would be more disruptive for the French economy than Le Pen."
- Frederic Leroux, Carmignac Gestion (based on Bloomberg)
On Friday morning the common European currency against the US Dollar traded once more below the weekly R2, which is located at the 1.0729 level. The reason for that is the fact that the resistance put up by the weekly R3 at 1.0780 held its ground on Thursday.
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Fundamental Analysis
BoE Governor Mark Carney delivers speech in Washington
On Thursday, the Bank of England Governor Marc Carney delivered a speech at the Institute of International Finance in Washington. In his speech, Carney said that financial regulations implemented after the global financial crisis should be able to transform in accordance with unexpected changes. He also stated that the Bank of England would stick to a “dynamic” approach towards financial regulations, ensuring the global financial system’s stability.
Expert Commentary
"I do not think that it is a reasonable assumption, because the available data simply does not support this opinion."
- Carsten Fritsch, Commodity Analyst at Commerzbank, on gold
China, for instance, reported its figures on foreign exchange reserves for March, according to which the Chinese Central Bank did not buy any gold for the fifth consecutive month. In the meantime, Russia increased its gold reserves, though not by the same magni-tude as in the recent years, with monthly buying volumes being lower than two or three years ago.>>
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Press Review
John Lloyd
French election reflects death of the political party
The political party is dying and independents now rule among voters around the globe. France has emerged as the leader of this movement, and the first confirmation of its depth and likely permanence will come on Sunday, when the French vote in the first round of their presidential election.
Market Research
17.04 Release
The past week saw largely negative developments for most observed currencies. The US Dollar’s index, which ended the previous period with the second largest gain, took leadership in the negative area, posting a weekly loss of almost 1% and the period’s low of -1.23%.
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Trade Pattern Idea
EUR/SEK 1H Chart: Rising Wedge
EUR/SEK climbed its way steadily away from the 2017 low at 9.4189 which was tested on January, but the motion might now be endangered as a rising wedge has upped downside risks.>>

CAD/CHF 1W Chart: Symmetrical Triangle
CAD/CHF is displaying a set of interesting developments on the weekly chart – starting from a trend-opposing ascending triangle and ending with a continuationsignalling symmetrical triangle formation.>>
Dukascopy Aggregate Technical Indicator
Dukascopy Aggregate Technical Indicator for 30M, 1H, 4H and 1D time frame charts for major pairs for the last 144 periods till 07:30 GMT.
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Disclaimer:
This overview can be used only for informational purposes. Dukascopy Bank SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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