Today is an especially important day for the GBPCHF pair due to the fact that both the Bank of England and the Swiss National Bank have scheduled monetary policy meetings. The latter already released its decision, which correlated with most of the consensus forecasts. The SNB decided to maintain its near-negative interest rate unchanged at 0.75 per cent.

The pair recently reached a new low during the establishment of the last bearish trend but has since then rebounded, which gives market bulls hope that the underlying market sentiment might be changing. Considering the overwhelmingly positive retail sales data in the US from yesterday and the expectations for tentative inflationary numbers in Canada scheduled for release later today, the underlying [...]

As it is about to be seen, the AUDNZD pair is currently attempting to break down below a major Distribution range, which entails the likely establishment of a new Markdown. On the one hand, the economic prospects for growth in Australia remain muted due to the country's dependence on trade with China and stable global supply chains. Both elements remain fragile in the wake of the coronavirus crisis. [...]

The price action of the EURGBP has been seesawing since our last analysis of the pair as the market continues to be ostensibly range-trading. As we argued back then, the underlying market conditions are favourable for the implementation of swing trading strategies. Seeing as how the price action is currently nearing another swing high, this could entail fresh opportunities for trading on the expectation for [...]

The EURAUD pair recently reached a new significant bottom, which measures the lowest point in the current bearish trend (lowest point so far). This bottom coincides with one major support level, which gives credence to some expectations for a trend reversal and the establishment of a new bullish upswing. [...]

The GBPJPY has been strengthening for five consecutive days, and it's fair to say that the price action of the pair is trending when examined on a smaller timescale. It follows that trading the GBPJPY at present would entail the implementation of trend continuation strategies, provided that the underlying market conditions remain unchanged in the next few days.

As we have already argued on several occasions, the coronavirus crisis is entering into a new stage of its development. The market is transitioning from the volatile and unpredictable early days of the crash into a more tamed and relaxed form. This transition has subsequently prompted many financial instruments across multiple asset classes to form major consolidation ranges, as the underlying price actions become increasingly subdued. [...]

In several of our most recent analyses, we raised the point that many financial instruments from different asset classes are presently trading in narrow consolidation ranges, which underpins the current stage of recovery from the coronavirus crisis. This trend has been observed in the FX market, the stock market, and in the commodities market. [...]

The GBPUSD has been affected by the coronavirus tribulations arguably even more than other currency pairs. On the one hand, there have been on and off resurgences in the aggregate demand for the US dollar throughout the different stages of the coronavirus crisis, which have been prompted by its globally recognised status as a safe-haven asset.

As it's been shown numerous times over the last couple of weeks, the market currently finds itself in a transitionary stage – the initial coronavirus crash is now concluded, and most asset classes have started consolidating within narrow ranges in the wake of the crisis' aftermath. The EURGBP, too, has been undergoing through a stretch of somewhat muted price action, but the pair has also been establishing [...]