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On September 14th, U.S. Energy Secretary Chris Wright warned oil traders not to expect a quick breakthrough on the Strait of Hormuz issue. Iran is planning to propose a shipping agreement to other Gulf states. In an interview on Sunday, Wright stated, "Expecting to reach a consensus agreement with Iran today is clearly not a good option." He said the market still needs to rely on alternative shipping routes. He estimated that these alternative routes can currently still supply about 10 million barrels of crude oil and petroleum products per day. Wright said, "Therefore, the current global oil market supply is indeed tighter than we would like, but not excessively so." Wright also said that Irans nuclear program will end "in some way," adding, "We prefer a negotiated solution. If negotiations fail, they can continue with a secret, hidden, covered-up, and denied nuclear weapons program, but after that, Iran will face the U.S. military, and the U.S. military will ensure they cannot develop nuclear weapons."U.S. Energy Secretary Wright stated that the U.S. will terminate Irans nuclear program "no matter what"; the U.S. expressed concern over the suspension of inspections of Irans nuclear program. Hoping to reach a Hormuz-related agreement with Iran is not a prudent option.Musk confirmed that Tesla will livestream the launch event for its Roadster electric sports car.According to the Iranian news agency IRNA: The Israeli military continues its airstrikes in southern Lebanon, bombing several towns and areas in Nabatieh.On September 14th, Business Insider, citing a source familiar with the matter, reported that Anthropic has chosen Nasdaq as the listing venue for its potential IPO. Another source indicated that the company, planning to list in October, has chosen Nasdaq, meaning the exchange has won another significant competition. Earlier this year, Nasdaq successfully secured a listing for SpaceX, which is valued at $1.75 trillion. Some estimates suggest Anthropic could be valued at $2 trillion, although this figure is not yet finalized. Previously, OpenAI CEO Sam Altman stated that OpenAI would not be going public at this time due to the controversy surrounding the potential existential threat of AI to humanity.

Extends Recovery Off 100-HMA Towards Critical Resistance at 0.9230 in USD/CHF Price Analysis

Daniel Rogers

Mar 30, 2023 16:02

USD:CHF.png 

 

Following yesterday's retreat, USD/CHF investors are back at the table on Thursday morning as the currency pair's price continues to rise around 0.9200. Consequently, the Swiss currency pair recovers from the 100-Hour Moving Average (HMA) and validates the upwardly sloping RSI (14) line, indicating that the market is not overbought.

 

As a result, USD/CHF investors should see further gains. A confluence of an ascending trend line from last Friday and a three-week-old descending resistance line near 0.9230 appears to be an insurmountable barrier for pair buyers to overcome before regaining control.

 

If USD/CHF buyers are able to maintain control above 0.9230, an advance to 0.9300 and the monthly high near 0.9340 cannot be ruled out. A decisive break above 0.9340, however, would not hesitate to challenge the monthly high near 0.9440.

 

In contrast, the 100-HMA level surrounding 0.9180 restricts the immediate downside of the USD/CHF price, and a breach of this level could drive prices toward a rising support line from March 13, close to 0.9150.

 

Notably, the USD/CHF pair's susceptibility beyond 0.9150 makes it susceptible to testing the monthly low around 0.9070.

 

Overall, the USD/CHF pair is likely to rise further, but confirmation of the uptrend is needed at 0.9230.

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