Market Update - 23 June 2023

USD/CHF gains strong follow-through traction and jumps to over a one-week high. The SNB’s 25 bps lift-off disappointed some investors and undermines the CHF. The Fed’s hawkish outlook continues to boost the USD and remains supportive. (FXStreet)

USD/CAD has jumped to 1.3200 amid solid appeal for the USD Index due to a bleak global outlook. The US Dollar Index has climbed to near 103.00 amid the risk-aversion theme. USD/CAD is auctioning in a Falling Channel pattern in which each pullback is considered a selling opportunity. (FXStreet)

AUD/USD remains pressured at the lowest levels in two weeks, justifies 100-SMA breakdown and bearish MACD signals. Convergence of 200-SMA, 50% Fibonacci retracement limits further downside amid oversold RSI. Multiple horizontal hurdles, risk-off mood challenge Aussie pair buyers ahead of US PMI. (FXStreet)

GBP/USD takes offers to refresh intraday low to extend BoE-inflicted losses. BoE’s bumper rate hike flags fears of sooner policy pivot, UK’s economic slowdown. Hawkish testimony from Fed Chair Powell, mixed US data and upbeat yields underpin US Dollar. UK’s GfK Consumer Confidence improves to 14-month high, Retail Sales, PMIs awaited for clear directions. (FXStreet)

USD/JPY is expected to extend a rally above 143.50 as market sentiment has dampened. The US Dollar Index has printed a fresh day's high at 102.70 amid sheer uncertainty in global markets. Japan’s inflation has unexpectedly softened despite consistent monetary stimulus by the BoJ. (FXStreet)

EUR/USD struggles to extend the previous day’s pullback from seven-week high, sidelined of late. Bullish moving average crossover keeps Euro buyers hopeful above fortnight-old ascending support line. Bearish MACD signals, monthly rising wedge and a U-turn from six-week high challenge EUR/USD buyers. First readings of June’s PMIs for Germany, Eurozone and US will decorate calendar, risk catalysts are the key to watch. (FXStreet)

EUR/GBP has tested territory marginally below 0.8600 on upbeat UK Retail Sales data. Monthly UK Retail Sales have expanded by 0.3% while the street was anticipating a contraction of 0.2%. An interest rate hike by the ECB in July is likely confirmed while investors are uncertain about the September meeting. (FXStreet)

GBP/JPY picks up bids to pare intraday loss near the multi-month high. UK Retail Sales growth improves to 0.3% MoM in May versus -0.2% expected and 0.5% prior. Japan inflation numbers came in mixed but Jibun Bank PMIs disappointed Yen buyers. Risk catalysts, UK PMI will direct intraday traders. (FXStreet)

NZD/USD turns lower for the second straight day and is pressured by modest USD strength. The Fed’s hawkish outlook, along with a softer risk tone, benefits the safe-haven Greenback. Traders now look forward to the release of the flash US PMI prints for short-term opportunities. (FXStreet)

WTI prices dropped sharply on Thursday, breaking below the key $70.00 mark per barrel with marked decision. The downtick was on the back of increasing open interest and could allow for further losses to dispute the June low near the $67.00 mark per barrel. (FXStreet)

Gold prices extended the weekly leg lower on Thursday amidst rising open interest, which hints at the view than further losses remain in store for the yellow metal in the very near term. That said, there is a minor support at the round level of $1900 per troy ounce, while a deeper decline is expected to face the next relevant contention at the 200-day SMA near $1850. (FXStreet)

Silver bounces off a multi-month low touched on Friday, albeit lacks any follow-through buying. The overnight breakdown below a technically significant 200-day SMA favours bearish traders. A sustained strength beyond $23.00 is needed to support prospects for any meaningful recovery. (FXStreet)

Source: FXStreet

Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.