Swiss Franc Ended as Strongest, Aussie as Weakest, But Bitcoin Stole the Show
Action Insight Weekly Report 5-22-21
Swiss Franc Ended as Strongest, Aussie as Weakest, But Bitcoin Stole the Show

While Fed minutes started to prepare the markets for discussion on tapering in the coming months, Dollar wasn't give much support. It has indeed ended as one of the worst performers for the week, just next too New Zealand and Australian Dollar. On the other hand, Swiss Franc and Yen ended as the strongest ones.

While the development in currency markets might suggest risk aversion, it's not much seen in other markets indeed. Major global stock indexes, US, Europe and Asia, ended nearly flat. Gold edged up mildly while oil price was just slightly lower. The main risk selloff was only seen in some commodities and crypto-currencies

Overall, we'd argue that the strength in Swiss Franc is not solid enough yet while Aussie was not totally weak. Dollar could extend lower for the near term but strong support might be not too far away. Overall, directions are generally unclear.

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GBP/JPY Weekly Outlook

GBP/JPY edged higher to 154.80 last week but continued to lost momentum from there. Though, there was no deep correction yet. Initial bias remains neutral this week first and further rise is expected. On the upside, break of 154.80 will resume larger up trend to 156.59 key resistance first. Break will carry larger bullish implication and target 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. For now, outlook will stay bullish as long as 149.03 resistance holds, in case of pull back.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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