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Trading ideas for GBP/USD, USD/CHF and BRENT

September 20, 2021

GBP/USD: The GBP/USD pair continues to decline. At the beginning of the week, the UK released strong statistics. The consumer price index for August showed a 0.7% growth on a monthly basis and 3.2% growth year-over-year. Analysts suggest that the current rise in inflation should be a catalyst for the Bank of England’s interest rate hike, but this should not be expected before the first quarter of 2022. The negative development for the instrument is the decline in the UK retail sales for the fourth month in a row. In-store and online product sales fell 0.9% from July. Negative statistics reinforce traders’ fears that the pace of economic recovery in the UK is slowing down.
The downward movement is expected to continue.

Sell Limit 1.3740/TP 1.3680/SL 1.3753

USD/CHF: The USD/CHF pair is demonstrating a local upward trend amid the strengthening US dollar. Despite the fact that the number of initial claims for unemployment benefits in the United States rose again and amounted to 332 thousand compared to 312 thousand a week earlier, the total number of people receiving benefits fell to 2.665 million from 2.852 million a week earlier, which triggered the dollar’s growth. The Swiss franc declined more against the US dollar than other peers. On Thursday, the Swiss State Secretariat for Economic Affairs (SECO) published a not very positive forecast, according to which the country’s economic recovery in Q3 and Q4 will continue, but its pace will be much slower than initially expected. The local resistance level can be seen at $0.9330. A breakout up could take the pair towards $0.9430.

Buy 0.9330/TP 0.9430/SL 0.9305

BRENT: Brent Crude Oil prices are mixed, trading in a flat. On Friday, the instrument was moderately declining in response to the growth of the US dollar and the reduction of risks related to the slow recovery of hydrocarbon production in the Gulf of Mexico. Utilities were impacted by Hurricane Nicholas, which had hit Texas earlier this week.
The quotes were supported this week by the data on the “black gold” reserves in American warehouses. So, for the week of September 10, the US Department of Energy reported a sharp decrease in the indicator by 6.422 million barrels after a decrease by 1.529 million barrels over the previous period. In addition, the asset is responding positively to a moderate recovery in demand. International reports show that global energy consumption is approaching 100 million barrels per day, the highest since 2019. Immediate support can be seen at 74.50. A breakout to the downside can trigger a decline towards 73.65.

Sell Stop 74.50/TP 73.65/SL 75.00