Connect with us

Crypto World

Market Analysis: EUR/USD Rally Accelerates Past 1.20, USD/CHF Buckles

Published

on

Market Analysis: EUR/USD Rally Accelerates Past 1.20, USD/CHF Buckles

EUR/USD started a fresh surge above 1.1900 and 1.2000. USD/CHF declined further and is now struggling below 0.7750.

Important Takeaways for EUR/USD and USD/CHF Analysis Today

· The Euro started a major increase from 1.1700 against the US Dollar.

· There is a key bullish trend line forming with support near 1.1915 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF declined below the 0.7800 and 0.7750 support levels.

Advertisement

· There is a key bearish trend line forming with resistance near 0.7675 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.1700 zone. The Euro cleared the 1.1850 barrier to move into a bullish zone against the US Dollar.

The bulls pushed the pair above the 50-hour simple moving average and 1.1950. Finally, the pair cleared 1.2000 and 1.2050. A high was formed near 1.2080 and the pair is now consolidating gains. There was a minor pullback to the 23.6% Fib retracement level of the upward wave from the 1.1669 swing low to the 1.2080 high.

An Immediate bid zone on the downside is near a connecting bullish trend line at 1.1915 and the 50-hour simple moving average. The next area of interest could be near the 50% Fib retracement at 1.1875.

A downside break below 1.1875 might send the pair toward 1.1765. Any more losses might send the pair into a bearish zone toward 1.1670.

Advertisement

If there is a fresh increase, an immediate hurdle on the EUR/USD chart is 1.2050. The first major pivot level for the bulls could be 1.2080. An upside break above 1.2080 might send the pair to 1.2120. The next selling zone could be 1.2150. Any more gains might open the doors for a move toward 1.2200.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair started a fresh decline from well above 0.7880. The US Dollar dropped below 0.7800 to move into a negative zone against the Swiss Franc.

The bears pushed the pair below the 50-hour simple moving average and 0.7750. Finally, the bulls appeared near 0.7600. A low was formed near 0.7600, and the pair is now consolidating losses. There was a minor recovery toward the 23.6% Fib retracement level of the downward move from the 0.7914 swing high to the 0.7600 low.

On the upside, the pair could face bears near 0.7675 and a key bearish trend line. The first major resistance sits near the 50-hour simple moving average at 0.7740. The main barrier for an upside break could be near the 61.8% Fib retracement at 0.7795.

A daily close above 0.7795 could start a fresh increase. In the stated case, the pair could rise toward 0.7885. The next stop for the bulls might be 0.7915.

Advertisement

On the downside, immediate support on the USD/CHF chart is 0.7600. The first major breakdown zone could be 0.7565. A close below 0.7565 might send the pair to 0.7730. Any more losses may possibly open the doors for a move toward 0.7700 in the coming days.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Advertisement

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto World

Kalshi Suffers Court Loss in Ohio over Sports Betting Lawsuit

Published

on

Law, CFTC, Court, Kalshi, Prediction Markets

The prediction markets platform argued for an injunction against Ohio authorities, claiming that federal commodities laws superseded state laws on sport event contracts.

An Ohio federal court has denied a motion filed by prediction markets platform Kalshi for a preliminary injunction against Ohio state authorities over allegations that the company was operating in violation of gambling laws.

In an order filed Monday, US District Court for the Southern District of Ohio Chief Judge Sarah Morrison denied Kalshi’s request for an injunction that would have blocked the Ohio Casino Control Commission and state attorney general from regulating contracts on the platform, specifically for sports betting.

Advertisement

According to the judge, Kalshi had failed to show that the sports event contracts available on the platform were subject to the “exclusive jurisdiction” of the Commodity Futures Trading Commission (CFTC).

“Even if this Court were to find that sports-event contracts are swaps subject to the CFTC’s exclusive jurisdiction, Kalshi has not shown that the [Commodity Exchange Act, or CEA] would necessarily preempt Ohio’s sports gambling laws,” said the opinion and order, adding:

“Kalshi argues that Ohio’s sports gambling laws are field and conflict preempted by the CEA when it comes to sports-event contracts traded on its exchange […] Kalshi fails to establish that Congress intended the CEA to preempt state laws on sports gambling.”

Law, CFTC, Court, Kalshi, Prediction Markets
Source: Courtlistener

The denial pushed back against the narrative from CFTC Chair Michael Selig, who said in February that the federal regulator had “exclusive jurisdiction” over prediction markets and threatened lawsuits against any authority claiming otherwise. Kalshi and prediction platforms face lawsuits in other US states over similar allegations involving unlicensed sports betting.

“This Court does not endeavor to explain why the CFTC has not exercised its authority […] with respect to the sports-event contracts,” said the Monday filing in Ohio. “But the agency’s inaction is not proof that the sports-event contracts are regulated by or permissible under the CEA—and the Court has concluded they are not.”

Related: CFTC chair backs blockchain-based prediction markets as ‘truth machines’

Advertisement

In a statement to Cointelegraph, a Kalshi spokesperson said that the company “respectfully disagree[d] with the Court’s decision, which splits from a decision from a federal court in Tennessee just a few weeks ago, and will promptly seek an appeal.”

CFTC guidance on prediction markets could be looming

Last week, Selig said that the federal regulator was working to provide guidance regarding prediction markets “in the very near future.” The CFTC chair is the sole Senate-confirmed commissioner in a panel normally consisting of five people.

Magazine: The debate over Bitcoin’s four-year cycle is over: Benjamin Cowen

Advertisement