The weekly upside bias in EUR/USD appears to have met a tough barrier around the 1.0850 region for the time being. EUR/USD loses some momentum following an auspicious first half of the week and comes under some selling pressure on the back of the bounce in the greenback and the broad-based offered stance in the risk complex. (FXStreet)

Extra decline looks likely in USD/JPY while below the 132.00 mark, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB. 24-hour view: “We highlighted yesterday that USD ‘is likely to edge lower to 130.60, possibly testing the support at 130.20’. While USD weakened as expected, it did not test the support at 130.20 (low of 130.39). Downward momentum has waned with the rebound and USD is unlikely to weaken further. Today, USD is more likely to trade in a range, expected to be between 130.70 and 131.75.” (FXStreet)

The GBP/USD pair comes under some selling pressure on Wednesday, snapping a two-day winning streak and eroding a part of the overnight gains to its highest level since early February. The pair drops to a fresh daily low during the first half of the European session, albeit finds some support near the 1.2300 mark and recovers a few pips in the last hour. (FXStreet)

USD/CHF keeps buyers in the driver’s seat during the early Wednesday’s sluggish markets. That said, the Swiss currency pair rose the most in nearly a fortnight the previous day before portraying the latest inaction above 0.9200, up 0.10% near 0.9208 by the press time. (FXStreet)

Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group still expect The AUD/USD pair struggles to capitalize on the previous day's positive move and comes under some renewed selling pressure on Wednesday. The steady intraday descent extends through the early European session and drags spot prices to a fresh daily low, around the 0.6675-0.6670 region in the last hour. (FXStreet)

The USD/CAD pair attracts some buying near the 1.3585 region, or over a three-week low touched this Wednesday and sticks to its modest gains through the early European session. The pair is currently placed just above the 1.3600 round-figure mark and for now, seems to have snapped a two-day losing streak, though lacks bullish conviction. (FXStreet)

NZD/USD prints mild gains around 0.6260 during early Wednesday in Europe as bulls take a breather following the previous day’s run-up, the biggest in over a week. In doing so, the Kiwi pair fades upside momentum below the key resistances while defending a two-day run-up. (FXStreet)

USD/CNH should keep the side-lined trade well in place within the 6.8100-6.9200 range in the short-term horizon, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB. (FXStreet)

Yesterday, the Hungarian Forint rallied noticeably after the central bank kept all policy parameters on hold. Economists at ING expect the EUR/HUF pair to ove below the 380 level for the rest of the week. “The most important takeaway from this month's rate-setting meeting is that the NBH will remain cautious, patient and disciplined.” (FXStreet)

USD/INR picks up bids to pare weekly losses around 82.30 as it snaps a two-day downtrend amid early Wednesday. In doing so, the Indian Rupee pair rebounds from an ascending support line from March 06, and stays within the short-term symmetrical triangle. (FXStreet)

USD/MXN holds lower grounds near 18.22 as sellers flirt with the lowest levels in three weeks during early Wednesday. In doing so, the Mexican Peso pair drops for the fifth consecutive day. (FXStreet)

EUR/CHF: Retail trader data shows 49.35% of traders are net-long with the ratio of traders short to long at 1.03 to 1. In fact, traders have remained net-short since Jan 13 when EUR/CHF traded near 1.00, price has moved 0.58% lower since then. The number of traders net-long is 24.51% lower than yesterday and 13.18% lower from last week, while the number of traders net-short is 46.27% higher than yesterday and 26.45% higher from last week. (DailyFX)

AUD/JPY: Retail trader data shows 49.34% of traders are net-long with the ratio of traders short to long at 1.03 to 1. In fact, traders have remained net-short since Mar 09 when AUD/JPY traded near 89.84, price has moved 1.99% lower since then. The number of traders net-long is 8.29% lower than yesterday and 12.96% lower from last week, while the number of traders net-short is 20.62% higher than yesterday and 30.41% higher from last week. (DailyFX)

Gold price retreats back into a familiar range in the $1,950-60s in the early European Session on Wednesday. Volatility has drained from markets as banking crisis fears dissipate and bets revive of a rate hike in May. Traders now await big data releases starting with US Q4 GDP and US Jobless Claims on Thursday, and probably most important of all, the US Federal Reserve’s favored inflation gauge, the Personal Consumption Expenditures – Price Index (PCE), on Friday. (FXStreet)

Silver price (XAG/USD) prints 0.35% intraday losses around $23.25 as bulls run out of steam during early Wednesday, after posting positive closings in the last two consecutive weeks. (FXStreet)

CME Group’s flash data for natural gas futures markets noted traders increased their open interest positions for the second session in a row on Tuesday, this time by around 1.6K contracts. in the same direction, volume added to Monday’s uptick and rose by around 56.7K contracts. Prices of natural gas remained on the defensive in the first half of the week. Tuesday’s decline came on the back of rising open interest and volume, which suggests that further retracements remain well on the table in the very near term. Against that, the next support of note aligns at the 2023 low near $1.97 per MMBtu (February 22). (FXStreet)

Open interest in crude oil futures markets shrank for the second session in a row on Tuesday, now by around 11.5K contracts according to preliminary readings from CME Group. In the same line, volume went down for the second straight day, this time by nearly 69K contracts. Prices of the WTI extended the weekly leg higher on Tuesday and close above the $73.00 mark per barrel. The positive price action, however, was in tandem with declining open interest and volume and signals that the current bull run could struggle to advance further in the very near term at least. On the upside, the 55-day SMA near $76.20 should offer initial resistance. (FXStreet)

The Hang Seng Index (HSI) was up over 2.5% at one stage today on positive news for Alibaba and against a backdrop of the banking problems subsiding. Hong Kong’s HSI posted solid gains after Alibaba announced that the business will be split into six separate business units. The restructure saw investors reappraise their valuations for the tech behemoth. It may open the possibility of several initial public offerings (IPO) for each spin-off. (DailyFX)

Bitcoins recent rally found resistance around the $28500 mark with consolidation being the theme since. The rally was partly fueled by a weaker dollar as well as a rise in both liquidity and volatility seems to have run out of steam. (DailyFX)

Source: FXStreet, DailyFX

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