Technical analysis of USD/JPY for Sept 22, 2017
In Asia, Japan today will not release any economic data. However, the US is due to present some statistics such as Flash Services PMI and Flash Manufacturing PMI. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance. 3: 112.69.
Resistance. 2: 112.47.
Resistance. 1: 112.25.
Support. 1: 111.97.
Support. 2: 111.75.
Support. 3: 111.53.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis of EUR/USD for Sept 22, 2017
When the European market opens, the economic calendar is packed with economic reports such as Belgian NBB Business Climate, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will present some statistics too such as Flash Services PMI and Flash Manufacturing PMI. So amid the reports, EUR/USD will move with average volatility during this trading say.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.2002.
Strong Resistance:1.1995.
Original Resistance: 1.1983.
Inner Sell Area: 1.1971.
Target Inner Area: 1.1943.
Inner Buy Area: 1.1915.
Original Support: 1.1903.
Strong Support: 1.1891.
Breakout SELL Level: 1.1884.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Fundamental Analysis of USD/CHF for September 22, 2017
Fundamental Analysis of USD/CHF for September 22, 2017
USD/CHF has been residing inside the corrective structural range of 0.9440-0.9750 area for a few months. After a long dominating bearish trend, the pair has been currently very much volatile, making correction, so there is no sign of a directional bias. After the FOMC hawkish statement and unchanged funds rate, the price has been quite bullish in nature but yesterday bullish rejection has told a different story. Recently, Switzerland's Trade Balance report was published with a worse figure at 2.17B decreasing from the previous figure of 3.49B which was expected to be at least 2.41B. Despite the worse-than-expected report, CHF has been extending gains in the market against USD which does signal that CHF is still holding the power to dominate USD in the market. On the USD side, since FOMC decision on the funds rate USD has found support with the other economic reports as well like Unemployment Claims and Philly Fed Manufacturing Index. Today, USD Flash Manufacturing PMI report is going to be published which is expected to show a slight increase to 52.9 from the previous figure of 52.8 and Flash Services PMI report is expected to decrease to 55.8 from the previous figure of 56.0. Though the economic reports from the US today is expected to have a minimal impact in the market against CHF, but better reports may hold CHF gains for a while. As for the current scenario, CHF is expected to have an upper hand over USD in the coming days.
Now let us look at the technical chart. The price is currently residing below the resistance level of 0.9750 which is expected to show more bearish pressure in the coming days. Yesterday, a good amount bullish rejection was encountered in the market after the FOMC bullish statement, which pushed the pair towards the resistance to break above it. As the price remains below the 0.9750 resistance level, it is expected to reach towards the structural support of 0.9440 support level in the coming days. On the other hand, if the price breaks above the 0.9750 with a daily close, then we will consider buy positions with a target towards 1.00.
Elliott Wave Analysis of EUR/JPY for September 22, 2017
Wave summary:
EUR/JPY is fighting to maintain the rally in wave D intact, but obviously it's becoming quite a struggle. However, as long as minor support at 133.24 is holding firm, the uptrend remains firmly in place for a possible push higher to 134.80 and 136.14 on the way towards the ideal wave D target at 137.36.
If however support at 133.24 is broken, that will weaken the uptrend and call for a decline to at least 132.00, before the possibility of a new rally higher.
R3: 136.14
R2: 134.80
R1: 134.39
Pivot: 134.00
S1: 133.24
S2: 132.00
S3: 130.55
Trading recommendation:
We are long EUR from 131.76. We will lift our stop to 133.15. We will take half profit at 134.80.
Elliott Wave Analysis of EUR/NZD for September 22, 2017
Wave summary:
Red wave iv stopped cold at 1.6137 and turned strongly higher and a break above minor resistance at 1.6441 will confirm that red wave iv has completed and red wave v higher towards 1.6875 is developing.
A minor break above 1.6441 will likely be followed by a correction to 1.6245 before turning higher again for the expected rally to 1.6875.
R3: 1.6536
R2: 1.6488
R1: 1.6441
Pivot: 1.6400
S1: 1.6343
S2: 1.6245
S3: 1.6167
Trading recommendation:
We missed our buying opportunity at 1.6060. We will place a new EUR-buy order at 1.6265 with stop placed at 1.6150.
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