USDCHF Analysis
USDCHF is moving in the Descending channel and the market has fallen from the lower high area of the channel.
Due to capacity constraints, Switzerland could not send a rescue team to Syria, as it had already sent one to Turkey. Still, it will send experts this week to assess the country’s humanitarian needs. Earlier in the day, the Swiss foreign ministry issued a statement saying that a team of experts would be sent to Syria at the end of the week to assess humanitarian needs. Turkey and Syria were rattled on Monday by at least three major earthquakes and dozens of aftershocks that killed more than 10,000 people and collapsed thousands of homes.
GOLD Analysis
XAUUSD Gold price is moving in the Descending channel and the market has reached the lower high area of the channel.
Turkey will suspend some gold imports as part of an emergency plan to mitigate the economic fallout from twin earthquakes that hit the country’s southeast last week. Unrest in southern Turkey has disrupted rescue efforts in some places following Monday’s deadly earthquake, three rescue groups have said. The death toll in Turkey and Syria from the quake has surpassed 28,000, and hope of finding many more survivors is fading despite some miraculous rescues. German rescuers and the Austrian army paused search operations on Saturday, citing clashes between unnamed groups.
USDJPY Analysis
USDJPY is moving in an Ascending channel and the market has fallen from the higher high area of the channel.
Defense-related officials in Japan have raised concerns over the feasibility of the Self-Defense Forces shooting down spy balloons flying above the country. Earlier this month, the downing of a suspected Chinese spy balloon by a U.S. fighter jet turned the spotlight on similar objects that had been spotted floating above Japan in the past few years. The Defense Ministry has adopted a position that it will not rule out the possibility of shooting such objects down.
EURUSD Analysis
EURUSD is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.
The deadliest earthquake to strike Turkey in almost a century killed at least 21,000 people this past week, with the bodies of countless others still buried in the rubble. It hit after a year of persistently high inflation that has impoverished Turkish families, leaving many with scarce resources to bounce back. The quake’s aftermath has highlighted how much Erdogan has reshaped the Turkish state. Critics accuse him of weakening civil rights and eroding the independence of state institutions, like the Foreign Ministry and the central bank.
GBPUSD Analysis
GBPUSD is moving in an Ascending channel and the market has rebounded from the higher low area of the channel.
As Britain is expected to be the only major industrialized country to see its economy shrink this year amid rising interest rates and higher taxes, the government is frantically trying to find ways to boost economic growth. With the chancellor, Jeremy Hunt, having launched an inquiry into why hundreds of thousands of people have left the workforce recently and the Treasury keen to get more people into full-time work, the question of why more people aren’t increasing their hours amid a persistent shortage of workers has once more moved center stage.
GBPAUD Analysis
GBPAUD is moving in the Symmetrical triangle pattern and the market has reached the Top area of the pattern.
Brexit has dealt the UK economy a productivity penalty of £29bn, or £1,000 per household, a Bank of England policymaker has said. Jonathan Haskel, an external member of the Bank’s monetary policy committee, said a wave of investment “stopped in its tracks” in 2016 following the vote. He said the UK had suffered much more of a productivity slowdown than other large economies because of Brexit. Since the Brexit referendum in 2016, there has been a global pandemic, swiftly followed by an energy crisis, which has made estimating any financial impact directly related to Brexit difficult.
GBPCAD Analysis
GBPCAD is moving in the Descending triangle pattern and the market has rebounded from the horizontal support area of the pattern.
British Prime Minister Rishi Sunak said Monday that the government would do whatever it takes to protect the country. The U.K. announced a security review after several unidentified objects were shot down in the skies over North America. Asked about the objects, Sunak said he wouldn’t comment in detail on security matters, but people should be reassured that we have all the capabilities in place to keep the country safe, including a quick-reaction force of Typhoon fighter jets. Defense Secretary Ben Wallace said that the U.K. and her allies will review what these airspace intrusions mean for our security.
GBPNZD Analysis
GBPNZD is moving in the Descending channel and the market has reached the lower high area of the channel.
The U.K.’s semiconductor industry is crying out for financial support from the government, with insiders warning the country risks losing its microchip firms to the U.S. and other countries if it doesn’t act soon. Prime Minister Rishi Sunak’s government is yet to announce a strategy outlining U.K. efforts to support the chip industry. And semiconductor bosses in the country are growing frustrated. Britain is an understated player in the global chip market, specializing in design, intellectual property, research, and fabrication of compound semiconductors.
CADCHF Analysis
CADCHF is moving in an Ascending triangle pattern and the market has fallen from the resistance area of the pattern.
Prime Minister Justin Trudeau says Canada stands ready to provide help after a powerful earthquake toppled buildings and killed thousands of people in Turkey and Syria, with the latest estimates of death tolls standing at roughly 2,600 people as of early Monday afternoon. The agency said there are currently 7,513 Canadians registered abroad in Turkey, while 1,394 are in Syria and 1,319 are in Israel. On both sides of the border, residents jolted out of sleep by the pre-dawn quake rushed outside on a cold, rainy, and snowy night.
Crude Oil Analysis
Crude Oil has broken the Descending channel in Upside.
As Turkish President Recep Tayyip Erdogan struggles to defend his response to last Monday’s devastating 7.8 magnitude earthquake, videos from a few years back have emerged showing him hailing some of the housing projects that crumbled, killing thousands of people. Critics say contractors were allowed to skip crucial safety regulations, increasing their profits but putting residents at risk. Engineers and architects say the lack of safety features designed to absorb the shock of earthquakes likely contributed to the soaring death toll.
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