Technical Daily Analysis: 21 March 2023 – Banking Sector Gets Injection

The U.S. dollar slipped in Monday's trading as investors reacted to UBS's takeover of Credit Suisse.

UBS agreed to buy Credit Suisse on Sunday for 3 billion Swiss francs ($3.23 billion) and incur losses of up to $5.4 billion, in a merger brokered by Swiss authorities.

The U.S. dollar index (DXY), which measures currencies against the last six major currencies, was down 0.33% at 103.31 a day after the merger was announced, touching its lowest level since Feb. 15.

The following is a daily technical analysis, March 21, 2023. The data and analysis contained in this newsletter can be used on a wide scale for your trading. However, it is important to note that GICTrade and its data providers are not responsible for your trading results.

So, it's your own responsibility. Before knowing today's technical analysis, immediately register yourself to take part in the GIC Gebyar Prize and get the main prize, namely Mobile Mitshubshi Expander or Vacation Package to Labuan Bajo for 4 days and 3 nights.

In the following, we will inform you about the forecast of price movements in Forex and Commodities which is equipped with the calculation of Pivot points, Resistance and Support levels.

EURUSD

Daily Technical Analysis for the EUR/USD pair on the 1-hour period moved further upwards trying to touch the resistance area of 1.07303 towards the next resistance level at 1.07505. Meanwhile, to turn the bias bearish, EUR/USD needs to break through the support area at 1.06893 towards the next support level at 1.06560.

Suggest : Buy 1.07303 TP1 1.07550 TP2 1.07920 SL 1.06893

GBPUSD

GBP/USD on the 1-hour period moved further up, trying to touch the 1.22825 resistance area towards the next resistance level at 1.23020. Meanwhile, to turn the bias bearish, GBP/USD needs to break through the support area at 1.22076 towards the next support level at 1.21840.

Suggest : Buy 1.22825 TP1 1.23020 TP2 1.23520 SL 1.22340

AUDUSD

Daily Technical Analysis for the AUD/USD pair on the 1-hour period moved downwards trying to touch the support area of 0.66654 until the next support level at 0.66400. Meanwhile, for the bias to be bullish, AUD/USD needs to cross the resistance area at 0.66956 towards the next resistance level at 0.67430, which is also confirmed by the CCI which is already in the oversold area.

USDCHF

USD/CHF on the 1-hour period moved upwards trying to touch the resistance area of 0.93207 towards the next resistance level at 0.93450. Meanwhile, to turn the bias bearish, USD/CHF needs to break through the support area at 0.92709 towards the next support level at 0.92350.

Suggest : Buy 0.93207 TP1 0.93450 TP2 0.93790 SL 0.92730

USDJPY

USD/JPY on the 1-hour period moved down, trying to touch the 130,988 support area towards the next support level at 130,460. Meanwhile, to turn the bias into a bullish one, USD/JPY needs to break through the resistance area at 131,822 towards the next resistance level at 132,570.

Suggest : Buy 131.822 TP1 132.570 TP2 132.660 SL 131.550

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period moved further upwards trying to touch the resistance area of 1989.74 towards the next resistance level at 2003.30. Meanwhile, to change the bias to bearish, the gold price needs to pass through the support area at 1965.73 to the next support level at 1959.40.

Suggest : Sell 1965.73 TP1 1959.40 TP2 1950.00 SL 1984.50

CLSK (OIL)

Daily Technical Analysis for Oil prices in the 1-hour period moved upwards trying to test the resistance area of 68.04 towards the next resistance level at 68.91. Meanwhile, to fall further, oil prices need to pass the support level of 66.93 towards the next support level at 66.00.

Suggest : Buy 68.04 TP1 68.91 TP2 70.14 SL 67.00

Warning!

This analysis is based on fundamental and technical views from reliable sources, and is not a suggestion or invitation. Always remember that this content aims to enrich the reader's information. Always use independent research first on other forex information to use as a reference in your trading. Get the latest news and articles from other GIC Indonesia, you can check on Google News every day to find out the latest updates about the world of forex to crypto. Also trade on GICTrade using an ECN account to enjoy trading with low spreads starting from zero!