Market Update by Solidecn.com

[Solid ECN]

EURGBP Continues to Rise

The EURGBP pair succeeded to resume the bullish attack to surpass 0.8870 level and provide positive close above it as appears on the chart, to record some additional gains by touching 0.8900 level.




Note that the main stability within the bullish channel and the major indicators attempt to provide the additional positive momentum support the positive attempts for the near term and medium term period, to keep waiting to achieve new gains that might start at 0.8925 and 0.8970. The expected trading range for today is between 0.8870 and 0.8970.

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[Solid ECN]

USDCHF Declines Again

The USDCHF pair couldn’t hold for long time above 0.9240 level, to trade with strong negativity and reach 0.9160 level now, which puts the price under expected additional negative pressure in the upcoming period, targeting visiting the recently recorded low at 0.9085 as a next negative station.



Therefore, the bearish bias will be expected for today unless breaching 0.9240 and holding above it. The expected trading range for today is between 0.9085 support and 0.9210 resistance.

[Solid ECN]

GBPCHF Begins to Decline

The GBPCHF pair surrendered to the domination of the bearish bias by providing new negative close below 1.1480 resistance and start forming new negative waves by reaching 1.1280.



The negative stability below the moving average 55 and stochastic additional negative momentum signals confirm the continuation of the negativity, to expect suffering additional losses soon by targeting 1.1210 followed by repeating the pressure on the additional support 1.1105. The expected trading range for today is between 1.1340 and 1.1210.

[Solid ECN]

GBPUSD Technical Analysis

The GBPUSD pair trades negatively to break 1.2320 and attempts to hold below it, which urges caution from the upcoming trading and makes us prefer to stay aside until the price confirms its situation according to this level, as confirming the break will push the price to achieve bearish correction that its targets begin by testing 1.2155 and extend to 1.1940, while consolidating above it will reactivate the positive scenario that its targets begin by testing 1.2440.



The expected trading range for today is between 1.2250 support and 1.2400 resistance.

[Solid ECN]

Euro Area Q4 GDP Beats Estimates

Q4 GDP report from euro area just came out and turned out to be a positive surprise. Growth reached 0.1% QoQ while market expected a 0.1% QoQ drop. On annual basis, GDP growth reached 1.9% YoY (exp. 1.8% YoY), slightly slower than 2.1% YoY reported in Q3 2022. Simultaneously, Q4 GDP report from Italy was released and it also turned out to be better-than-expected. Italian GDP declined 0.1% QoQ in Q4 2022, but the market expected a 0.2% QoQ drop. On an annual basis growth reached 1.7% YoY (exp. 1.6% YoY).



However, in spite of being a positive surprise, reports did not have much of an impact. EURUSD barely moved while DE30 ticked lower

[Solid ECN]

NZDUSD Breaks the Support

The NZDUSD pair broke the bullish channel’s support line clearly and turns to decline on the intraday basis, targeting visiting 0.6365 followed by 0.6275 levels as main negative targets.



Therefore, the bearish bias will be expected for today, and breaking 0.6430 will ease the mission of achieving the suggested targets, noting that breaching 0.6510 will stop the expected decline and lead the price to resume the main bullish track again. The expected trading range for today is between 0.6370 support and 0.6500 resistance.

[Solid ECN]

GBPCAD holds above the support

The GBPCAD pair confirmed keeping the bullish attempts by providing new positive close above the minor bullish channel’s support line at 1.6470, to manage to renew the bullish rally and settle near 1.6555.



Now, stochastic attempt to provide the positive momentum allows us to suggest more positive attempts, to target 1.6680 level soon, while surpassing it will push the price to reach the additional stations at 1.6800 and 1.6930 levels. The expected trading range for today is between 1.6490 and 1.6680.

[Solid ECN]

Gold Technical Analysis

Gold price didn’t show any strong move since morning, and as long as the price is below 1936, our bearish overview will remain valid for today, supported by stochastic loss to the positive momentum, reminding you that our waited target is located at 1908.40.



The expected trading range for today is between 1908 support and 1940 resistance.

[Solid ECN]

GBPUSD Needs Strong Positive Motive

The GBPUSD pair fluctuates within tight track since last Friday, settling above the EMA50 that forms good intraday support against the price, to keep our bullish overview that its targets start by breaching 1.2440 to open the way to head towards 1.2595.



On the other hand, we should note that breaking 1.2320 will push the price to achieve some intraday bearish correction before turning back to resume the main bullish trend again. The expected trading range for today is between 1.2320 support and 1.2485 resistance.