Yen is experiencing losses on Wednesday and seem to continue the trend in the upcoming sessions.
This week Yen rose after a dramatic plunge of almost 9% in gold prices on Monday and concerns on China’s economic growth.
Bank of Japan’s forceful stimulus programme triggered the continuous yen fall. Traders’ eyes are on Group of Twenty meeting this Thursday, expecting comments on Japanese currency’s weakness.
Russia continues with the fiscal rule, despite the fear of a recession. The rule is around spending plans on the long-term average old price and focuses on budget deficit at 1% of GDP.
European shares experience a fall of more than 1% on Wednesday despite the recovery on Wall Street and Asia.
Gold, which earlier led the liquidation of assets across the board after weaker-than-expected Chinese and U.S. economic reports stoked growth concerns, rose 1 percent to a session high of $1,381.80. But it remain volatile, last trading at $1,373.85, up 0.4 percent, as reduced prices drew buyers of gold bars, coins and nuggets.
The pair experienced upward move this week making its way to the resistance line at 1.3200. The indicators point to the bullish outlook and the forecast of price around resistance line of 1.3250.
There is a confirmed bearish pattern with USDCHF pair. The support level was broken at 0.9250 and the next target is the support level of 0.9200 after the collision of buyers and sellers.
GBPUSD has been going up this week and the loss of price witnessed in the beginning of the week has been recovered. The prediction suggests that the price could reach 1.5400 this week.
This pair is experiencing volatility without clear signal at the moment. RSI period 14 shows below 50 level and the price hasn’t reached EMA 56 to the upside.
The pair has recovered from the losses experienced in the beginning of the week. There is a visible bullish trend on the charts and the price is now trading above the demand zone of 128.00.