2017-09-08
Overview:
The NZD/USD pair bullish trend from the support levels of 0.7231 and 0.7293. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.7293, which coincides with a golden ratio (38.2% of Fibonacci). Consequently, the first support is set at the level of 0.7293. So, the market is likely to show signs of a bullish trend around the spot of 0.7293. In other words, buy orders are recommended above the price of 0.7293 with the first target at the level of 0.7343. Furthermore, if the trend is able to breakout through the first resistance level of 0.7343. We should see the pair climbing towards the double top (0.7393) as next objective. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7231.
Fundamental Analysis of USD/CHF for September 8, 2017
2017-09-08
USD/CHF non-volatile bearish trend is still quite intact, so it is expected to push the price much lower in the future. USD has been struggling to gain over CHF since it broke below 1.00 area and still could not manage to strengthen the bulls in this pair. Today, Switzerland's Unemployment Rate report was published with an unchanged value as expected at 3.2% whereas the previous GDP and CPI reports published this week were quite worse in comparison. CHF did lose some grounds against USD recently which was recovered despite the worse than expected Switzerland's economic reports this week. This signals that the market sentiment is on the CHF side without considering any fundamental economic reports. On the other hand, today USD Final Wholesale Inventories report is going to be published which is expected to be unchanged at 0.4% and FOMC Member Harker is going to speak today as well regarding the nation's key interest and future monetary policies. The US economic events are expected to have a quite minimal impact on the market today which does indicate that further bearish pressure and strengthening of CHF is very much possible in the coming days.
Now let us look at the technical chart. The price has currently rejected off the support level of 0.9440 which is expected to show some bullish intervention in this pair on a short-term basis. Currently, the pair is expected to show some bullish move towards the dynamic level of 20 EMA before proceeding further downward with a target towards 0.9050 support area in the coming days. As the price remains below 0.9770 resistance level, the bearish bias is expected to continue further.
Technical analysis of USD/CHF for September 08, 2017
2017-09-08
Overview:
The USD/CHF pair continues to move downwards from the level of 0.9520. Yesterday, the pair dropped from the level of 0.9520 (this level of 0.9520 coincides with the double top) to the bottom around 0.9422. However, the price rebounded from the price of 0.9422 to set around the spot of 0.9483. Today, the first resistance level is seen at 0.9520 followed by 0.9551, while daily support 1 is found at 0.9453. Also, the level of 0.9483 represents a weekly pivot point for that it is acting as major resistance/support this week. Amid the previous events, the pair is still in a downtrend, because the USD/CHF pair is trading in a bearish trend from the new resistance line of 0.9520 towards the first support level at 0.9453 in order to test it. If the pair succeeds to pass through the level of 0.9453, the market will indicate a bearish opportunity below the level of 0.9453 to continue towards the next objectives 0.9422 and 0.9384. On the other hand, if a breakout happens at the resistance level of 0.9551, then this scenario may be invalidated.
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