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SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SOURCE
SPX
S&P 500 Index
7656.97
7656.97
7656.97
7677.02
7636.75
+65.28
+ 0.86%
--
--
DJI
Dow Jones Industrial Average
52573.29
52573.29
52573.29
52720.24
52204.46
+509.19
+ 0.98%
--
--
IXIC
NASDAQ Composite Index
26333.03
26333.03
26333.03
26431.22
26283.11
+251.31
+ 0.96%
--
--
USDX
US Dollar Index
99.080
99.080
99.160
0.000
0
0.000
0.00%
--
--
EURUSD
Euro / US Dollar
1.15517
1.15517
1.15524
1.15965
1.15510
-0.00455
-0.39%
--
--
GBPUSD
Pound Sterling / US Dollar
1.34896
1.34896
1.34907
1.35280
1.34860
-0.00354
-0.26%
--
--
XAUUSD
Gold / US Dollar
4321.70
4321.70
4322.11
4355.21
4320.50
-27.36
-0.63%
--
--
WTI
Light Sweet Crude Oil
98.841
98.841
98.871
99.615
98.110
+2.267
+ 2.35%
--
--
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Katelo 
Size 
EuroTrader 
Katelo
SlowBear ⛅ 
Katelo
I see London in A few minutes let's see how it reacts
SlowBear ⛅
Size
Apart from gold, mate, what other pairs are you watching today?@Katelo
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Swiss Franc Plummets Amidst Surprise Interest Rate Cut
Summary:
The Swiss franc plummeted over 5% after the Swiss National Bank unexpectedly cut interest rates, accentuated by unexpected economic data releases, highlighting the influence of central bank decisions and market expectations on currency trading.
EXPIRED
0.89070
Entry Price
0.89990
TP
0.88582
SL
0.81888 +0.00258 +0.32%
--
Pips
EXPIRED
0.88582
SL
0.90706
Exit Price
0.89070
Entry Price
0.89990
TP
Fundamental Analysis
The Swiss franc faced significant losses in Thursday's currency market, witnessing a notable decline of up to 5.11%. This downturn was primarily attributed to the Swiss National Bank's unexpected decision to reduce interest rates.
The Monetary Policy Committee of the Swiss National Bank, in its first meeting of 2024, announced a surprising 25 basis points cut, bringing the interest rate down to 1.50%. This decision defied market expectations, which had anticipated the rate to remain at 1.75%. The announcement had an adverse effect on franc trading against major currencies, exacerbated by the governor's confirmation during the subsequent press conference of the bank's willingness to further lower interest rates if deemed necessary.
Switzerland Policy Interest Rate
In addition to the central bank's decision, the release of preliminary data for the Industrial and Services Purchasing Managers' Indexes, along with existing home sales in the United States, defied market forecasts. These indicators play a crucial role in predicting future interest rates by offering insights into the economy's overall performance. The March preliminary reading for the Industrial Purchasing Managers' Index stood at 52.5 points, surpassing expectations which had projected a reading of 51.8 points.
U.S. IHS Markit Manufacturing PMI Prelim (SA) (Mar)
Technical Analysis
examining the 4-hour chart reveals a current price of 0.89847. Expectations lean towards a retracement towards the previous demand zone at 0.89000, followed by a push towards the old supply zone at 0.90000. This forecast aligns with an uptrend formation characterized by higher highs and higher lows, with the 20-day moving average indicating an upward trajectory, in line with the prevailing uptrend observed on the daily chart.
USDCHF Price Chart
Trading Recommendation
Trading Direction: Long
Entry Price: 0.89070
Target Price: 0.89990
Stop Loss: 0.88582
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