Intraday Forex Thursday, March 11 (EURUSD, USDJPY, etc.) Dollar near 1-week low, traders focus shifted to the ECB meeting later today.

This observation is made around 05:15 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asian shares climbed on Thursday following recoveries in U.S. and Chinese equities, as falling bond yields eased concerns about surging inflation, while the outlook for global economic recovery brightened.

U.S. stimulus bill given the final approval on Wednesday. President Biden expected to sign the relief bill on Friday. The dollar languished near 1-week lows on Thursday after benign data on U.S. consumer prices and Treasury yields decline led some investors to trim bets on a rapid acceleration in inflation.

I also does analysis for some other currencies. Read more on the website on TECHNICAL ANALYSIS and DAILY MARKET NEWS.

[EURUSD]

  • The euro mostly traded flat against dollar on Thursday, was quoted at $1.19272 per dollar.
  • In focus ahead is on the monthly ECB meeting and press conference from ECB President Lagarde later in the day where policymakers are expected to send a message that they will prevent bond yields from rising further and harming the bloc’s economic outlook.
  • ECB officials in recent weeks have reportedly described the rise in bond yields as “unwarranted tightening” and a situation that needs to be monitored closely.

Important Levels to Watch for:​

  • Resistance line of 1.19701 and 1.20331.
  • Support line of 1.18441 and 1.17811.

[USDJPY]

  • The safe-haven yen eased 0.16% to 108.537 per dollar.
  • The dollar gained on the low-yielding yen, supported both by the stabilizing Treasury yields and the upswing in risk aversion the bond rout has generated.
  • The rally in stock indexes curbed the yen’s safe-haven appeal.
  • Supportive for the yen was as the Bloomberg published a report that stated that the BoJ is said to look at ways to enable bond yields to fluctuate more as they try to improve the functioning of a bond market dominated by the central bank. Some of the BoJ officials want to generate more fluctuations in yields while sticking with the current movement range of around 20 basis points either side of the BOJ’s zero target on 10-year government debt. The policy review is scheduled to be held next week.
  • Japan’s 10-year JGB futures were trading at 151.06 after falling as low as 150.90 yen Wednesday night.

Important Levels to Watch for Today:​

  • Resistance line of 109.393 and 110.066.
  • Support line of 108.047 and 107.374.

[USDCHF]

  • Against the safe-harbor Swiss franc, the greenback bought 0.93017 franc, 0.06% higher.
  • The bout of higher U.S. bond yields undermined low-yielding currencies, including the safe-haven Swiss franc.
  • Fiscal stimulus also fueled market expectations for a rapid recovery, with President Joe Biden cleared to pass the $1.9 trillion spending package.

Important Levels to Watch for Today:​

  • Resistance line of 0.93473 and 0.93956.
  • Support line of 0.92507 and 0.92024.

[GBPUSD]

  • The British pound rose to a 1-week high on Thursday, to trade at $1.39366 after rising 0.3% on Wednesday and 0.5% on Tuesday.
  • The dollar weakened against the sterling after benign data on U.S. consumer prices and a decline in Treasury yields led some investors to trim bets on a rapid acceleration in inflation.
  • UK’s GPD figures and other economic indicators on Friday is awaited to direct the pound’s path ahead.

Important Levels to Watch for Today:​

  • Resistance line of 1.39977 and 1.40917.
  • Support line of 1.38097 and 1.37157.

For more currencies analysis and other insight into the market, read more on the WEBSITE or click on TECHNICAL ANALYSIS and DAILY MARKET NEWS.

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Chief Analyst at Golden Brokers. https://goldenbrokers.my/en/blog

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Zulbahri Muhammad

Zulbahri Muhammad

Chief Analyst at Golden Brokers. https://goldenbrokers.my/en/blog

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