Market Update - 21 April 2023

USD/CHF prepares to resume its bearish biased, confirmed by oscillators and sellers stepping in at around 0.9000. If USD/CHF sellers reclaim 0.8900, look for a test of the YTD low at 0.8859. Upside risks lie above 0.9000, with buyers eyeing the 20-day EMA. (FXStreet)

The US Dollar Index is inside the woods ahead of preliminary US S&P PMI data. Wild movements were shown on Thursday after the release of 11th consecutive higher-than-anticipated jobless claims. US labor market conditions are softening consistently due to higher interest rates by the Fed. The US Dollar Index (DXY) has extended its correction after slipping below the immediate support of 101.80 in the Asian session. (FXStreet)

AUD/USD has shown a rebound from 0.6730 as the upside in the USD Index looks capped. An increase in US weekly jobless claims indicates that labor market conditions are not tight enough for now. The Australian Dollar has shifted into a bullish trajectory as PBoC is ready to implement a prudent monetary policy. (FXStreet)

USD/CAD is marching towards 1.3500 as weak oil prices have impacted the Canadian Dollar. Monthly Retail Sales data (Feb) are expected to contract by 0.5% vs. an expansion of 1.4% recorded in January. USD/CAD is struggling in extending its upside journey after reaching near the 38.2% Fibo retracement at 1.3493. (FXStreet)

EUR/USD is oscillating in a bounded territory amid an absence of a critical trigger. Accelerating US weekly jobless claims cemented fears of easing labor market conditions. Fed policymakers are still confident of more rate hikes despite easing labor market conditions. (FXStreet)

USD/JPY has made a recovery move from 134.00 despite an acceleration in Japan’s Inflation. Annual headline CPI has accelerated to 3.2% vs. 2.6% and core CPI has jumped to 3.8% against estimates of 3.4%. It seems that the BoJ is well on track to keep the inflation rate steadily above 2%. (FXStreet)

USD/INR is seen oscillating in a narrow trading band above the 82.00 round figure. Neutral technical indicators on the daily chart hold back traders from placing bets. Any meaningful slide could be seen as a buying opportunity near the 200-day SMA. (FXStreet)

GBP/USD is consolidating around 1.2440 as investors await UK Retail Sales for fresh impetus. The overall market mood is risk-averse, however, a stock-specific action in S&P500 is highly active. UK Retail Sales are expected to contract by 0.5% in March than expansion by 1.2% in February. (FXStreet)

NZD/USD is expected to witness a downside after the conclusion of the short-lived pullback to near 0.6170. Fed policymakers are supporting more conservative monetary policy despite easing US labor market conditions. A significant decline in NZ inflation indicates that the RBNZ is well on track of arresting sticky inflation. (FXStreet)

The oil price is struggling to defend the immediate support of $77.00 as fears of a global slowdown have deepened. Global central banks are preparing for a fresh rate hike cycle to arrest stubborn inflation. Investors have ignored upbeat Chinese prospects and are worried due to global recession fears. (FXStreet)

Gold price is oscillating in a narrow range around $2,000 ahead of preliminary US S&P PMI data. A move beyond the 100.90-102.03 boundary in the USD Index will be considered a decisive move. Gold price is expected to show more upside after breaking above the immediate resistance plotted from $2,011.90. (FXStreet)

Silver price to remain range-bound around $25.00-$25.50 as oscillators neutralize. XAG/USD Price Analysis: Upward biased above $25.00, and it can test $27.00; otherwise, it could dive towards $23.50. (FXStreet)

Source: FXStreet, DailyFX

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.