GBP/USD stronger and USD/CHF weaker

Here is a look at some of the largest movers of the week: Chart

Stocks (1)

The US Dollar was bullish against all of its major pairs on Friday. On the US economic data front, the Leading Index rose 0.6% on month in November (+0.5% expected), compared to a revised +0.8% in October.

On Monday, no major economic data is expected.

The Euro was bearish against most of its major pairs with the exception of the CAD and GBP. In Europe, on the statistical front, in Germany, the IFO business climate index came out better than expected at 92.1 in December, compared with 90.9 in November (revised from 90.7) and 90.0 expected. The Current Conditions sub-index stood at 91.3, compared with 90.0 in the previous month and 89.0 expected. The outlook sub-index stood at 92.8, compared with 91.8 a month earlier (revised from 91.5) and 92.5 expected. On the other hand, the producer price index was up 0.2% in November, compared with +0.1% expected, after increasing by 0.1% the previous month. Also, in the UK, retail sales fell by 2.6% in November, whereas the consensus forecast was for a decline of 4.0%, after a 1.4% increase in October (revised from +1.3%). In addition, the GfK household confidence indicator showed a slight increase to -26 in December, as expected, compared to -33 the previous month.

The Australian dollar was bullish against most of its major pairs with the exception of the CHF and USD.

Looking at the large movers of the week, the GBP/USD jumped just over 2% (274 pips) over the last 5 trading days making it the top performer of the week. The pair broke above 1.3535 resistance briefly however could not close above it. The anticipation of a breakout remains. 

Source: GAIN Capital, TradingView

The largest decliner on the week was the USD/CHF pair with a decline of 0.76% (63 pips). The downside prevails after the pair broke below a consolidation zone. Prior support in the consolidation at 0.898 has now become key resistance on the decline. Look for the bearish trend to continue towards support targets of 0.898 and 0.87 in extension. 

Source: GAIN Capital, TradingView

More from Forex


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.