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25.04.2017 11:33 AM
Global macro analysis for 25/04/2017

Global macro analysis for 25/04/2017:

The National Association of Realtors reported last week, that sales of existing homes in the US in March have increased to the highers level in 10 years. Today's New Home Sales data, that are scheduled for release at 02:00 pm GMT, also look promising. Market participants expect new home sales to ease to an annualized rate of 590,000 in March, down from 592,000 in the previous month. Importantly, that the housing market in the US has a relatively big impact on the overall GDP and the government's preliminary GDP release on Friday. The first quarter saw a rather weak rise in existing home sales, nevertheless, still decent. The question remains, whether the results for the second quarter will be better than expected and deliver a little bit more to the overall US GDP.

Let's now take a look at the USD/CHF technical picture on the H4 timeframe. The market is trading below the key technical resistance at the level of 1.0000, where the 50%Fibo retracement of the previous swing is as well. The momentum remains positive and the oscillator is bouncing from the oversold trading conditions. As long as the support at the level of 0.9901 is not clearly violated, the bias is to the upside. Any breakout out of the dashed black channel is another confirmation that bulls are regaining the control over this market.

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