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Market Review 18 June 2020

Jun 18, 2020 (06:50)

by Constantinos Loizou

In the Economic calendar of today we can expect some volatility in CHF, GBP and USD
At 07:30 (GMT) the Swiss National Bank will announce their Interest rate decision
The result is forecasted to remain the same as the previous quarter at -0.75%
At 11:00 (GMT) the Bank of England will announce their Interest rate decision
The result is forecasted to remain the same as the previous month at 0.1%
Also, at 11:00 (GMT) the Bank of England will release their Asset Purchase Facility
The above, is the value of money the Bank of England plans to create and inject into the economy through open market bond purchases to influence long-term interest rates
The result is forecasted to increase to 745B considering the last month that was at 645B
At 12:30 (GMT) the US Department of Labor will release their Initial Jobless Claims
The above is a measure of the number of people filing first-time claims for state unemployment insurance
The result is forecasted to decrease to 1300K considering the last month that was at 1542K

On the charts

As we can observe on the GBP/CHF daily chart, the price has broken below the blue upward trendline
The price returned and retested the trendline and reacted to the downside
The price is now at 1.19107 below the 20 days Moving Average (purple)
In the momentum indicator we can observe that is heading to the downside below its previous support, indicating bearish attitude
Considering the above, we may see the price moving lower to 1.17200, a price level which consists an inside support level

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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