ICE The US dollar index, which compares the dollar against six major currencies, fell slightly on Monday, losing about 0.2%. The main reason for the decline was the growth of the British pound, in anticipation of tomorrow’s data on consumer inflation in the UK. Some traders believe that rising inflation in Britain may push the CBA to raise interest rates. In general, market volatility remains extremely low, amid the lack of data capable of affecting the market. Statistics: The wholesale price index of Germany in January increased by 0.8% compared to the previous month, while the growth forecast was 0.3%. EURUSD: Today, the EURUSD currency pair quotes slipped a bit, amid growing economic uncertainty in Greece. Last weekend, Greek Prime Minister Alexis Tsipras again criticized the IMF and German Finance Minister Wolfgang Schäuble. The MACD indicator is falling, remaining below the zero line, showing the growing potential of bears. Moving averages give a bearish signal. There is a bearish divergence on the chart, between the quotes and the Stoch indicator. In this situation, we can expect a continuation of a gradual decline towards the 1.0581 level.
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GBPUSD: The GBPUSD currency pair resumed its growth, breaking through and consolidating above the level of 1.2475. Strengthening the pound due to expectations of growth in the consumer price index. Experts predict annual inflation in January will rise to 1.9%. The MACD indicator goes down after crossing the zero line, giving a bearish signal. Moving averages do not give clear signals. After the formation of a high wave reversal candle on Friday and today’s breakdown of the level of 1.2475, we can expect the growth of quotations to test the level of 1.2660.
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USDCHF: During today’s trading, the USDCHF currency pair quotes continued to grow, breaking through and consolidating above 1.0035. The MACD indicator continues to grow, remaining above the zero line, demonstrating the growing potential of bulls. The bullish divergence is observed on the chart, between quotes and the MACD indicator. After the breakdown and consolidation of quotes above the level of 1.0035, we can expect the upward movement to continue in the direction of the level of 1.0153.
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EUR / JPY: The weakening of the Japanese yen after a meeting between US President Donald Trump and Japanese Prime Minister Shinzo Abe helped the bulls resume the growth of the EUR / JPY currency pair quotes. The MACD indicator is rising, staying below the zero line, indicating a return of bulls. The Stoch indicator gives a bullish signal, continuing to grow after crossing the zero line. On the chart, there is a bullish divergence between the quotes and the MACD indicator. In this situation, we can expect continued growth of quotations for testing the level of 121.25, the breakdown of which will allow the bulls to continue to move northward in the direction of the local maximum of 124.09. Trading recommendations. In case of a breakdown and consolidation of quotes above the level of 121.25, you can consider buying with short stops below the level.
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Review prepared by the analytical department https://www.fortfs.com/en/analytics/review