2018-09-28
In Asia, Japan will release the Housing Starts y/y, Retail Sales y/y, Prelim Industrial Production m/m, BOJ Summary of Opinions, Unemployment Rate, and Tokyo Core CPI y/y. The US will also release a series of economic reports such as Revised UoM Inflation Expectations, Revised UoMConsumer Sentiment, Chicago PMI, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. 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: 114.13.
Resistance. 2: 113.91.
Resistance. 1: 113.69.
Support. 1: 113.40.
Support. 2: 113.18.
Support. 3: 112.96.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or 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: Intraday levels for EUR/USD, Sept 28, 2018
2018-09-28
When the European market opens, the economic calendar is packed with reports such as Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Spanish Flash CPI y/y, German Unemployment Change, French Prelim CPI m/m, and French Consumer Spending m/m. The US will release economic data too such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.TODAY'S TECHNICAL LEVELS:Breakout BUY Level: 1.1694.Strong Resistance:1.1687.Original Resistance: 1.1676.Inner Sell Area: 1.1665.Target Inner Area: 1.1637.Inner Buy Area: 1.1609.Original Support: 1.1598.Strong Support: 1.1587.Breakout SELL Level: 1.1580.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or 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 28, 2018
2018-09-28
USD/CHF has been quite impulsive with the bullish gains recently which is expected to continue further in the coming days. After the recent rate hike from 2.00% to 2.25%, USD gained momentum against CHF which is expected to sustain further.
USD has been quite positive after the recent rate hike which lead the market bias to switch from bearish to bullish in the process. The Final GDP report published recently met the expectation by remaining unchanged at 4.2% and Durable Goods Orders was also published with an increase to 4.5% from the previous value of -1.2% which was expected to be at 1.9%. Today USD Core PCE Price Index report is going to be published which is expected to decrease to 0.1% from the previous value of 0.2%, Personal Spending expected to decrease to 0.3% from the previous value of 0.4%, Personal Income is expected to increase to 0.4% from the previous value of 0.3% and Chicago PMI is expected to decrease to 62.3 from the previous figure of 63.6. Additionally, Revised UoM Consumer Sentiment is expected to slightly decrease to 100.5 from the previous figure of 100.8.
On the other hand, today CHF KOF Economic Barometer report is expected to slightly decrease to 100.1 from the previous figure of 100.3.
As of the current scenario, USD is quite strong fundamentally though certain indecision is still there in the market having mixed expectations for the upcoming economic reports. Any positive economic result on the USD side is expected to inject further bullish pressure in the pair which is more probable at the current market situation.
Now let us look at the technical view. The price is currently residing above 0.9700 area and dynamic level of 20 EMA with a daily close having Bullish Divergence supporting the upcoming gains in the process. As the price remains above 0.9700 area, the bullish bias is expected to continue further with target towards 0.9850 and later towards 0.9980 area in the coming days.
SUPPORT: 0.9700
RESISTANCE: 0.9850, 0.9980
BIAS: BULLISH
MOMENTUM: IMPULSIVE
Technical analysis of Gold for September 28, 2018
2018-09-28
Gold price has broken through support levels and is now challenging the $1,180 level. Trend remains bearish as price is still inside the bearish channel. I have been saying for some time now that as long as price is below $1,211, prices are vulnerable for a move lower towards $1,180 and why not to new 2018 lows.
Red lines - bearish channel
blue lines - trading range
Gold price has broken out of the trading range it was in for the last month. Price initially broke below the short-term support of $1,190 and is now challenging next support at $1,180. Resistance is now found at $1,203 and next at $1,206. As long as Gold is below these levels any bounce is considered a sell opportunity for a move lower towards new lows. Gold's bounce was not as big as we initially anticipated ($1,220) as price mostly moved sideways after topping around $1,215. Short-term trend has changed from neutral to bearish again for Gold.
Technical analysis of EUR/USD for September 28, 2018
2018-09-28
EUR/USD has done exactly what bulls DID NOT want to see. Bounced to 1.18, got rejected and then pushed back below 1.17. Last chance for EUR/USD bulls is to hold above 1.16 and start soon a new upward move. EUR/USD is challenging important support today.
Orange dots - medium strength resistance
Red dots - maximum strength resistance
EUR/USD has broken through support levels 1.17 and 1.1660. Short-term trend has changed to bearish. The rejection at 1.18 was a very important bearish sign and I believe the correction will not be shallow for EUR/USD. I believe that EUR/USD could now even break below 1.16 and continue towards 1.15. Unless we see some constructive action to the upside, bears will be in control. Longer-term view is bullish expecting an important low to be formed around 1.15-1.1450.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or 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 28, 2018
2018-09-28
USD/CHF has been quite impulsive with the bullish gains recently which is expected to continue further in the coming days. After the recent rate hike from 2.00% to 2.25%, USD gained momentum against CHF which is expected to sustain further.
USD has been quite positive after the recent rate hike which lead the market bias to switch from bearish to bullish in the process. The Final GDP report published recently met the expectation by remaining unchanged at 4.2% and Durable Goods Orders was also published with an increase to 4.5% from the previous value of -1.2% which was expected to be at 1.9%. Today USD Core PCE Price Index report is going to be published which is expected to decrease to 0.1% from the previous value of 0.2%, Personal Spending expected to decrease to 0.3% from the previous value of 0.4%, Personal Income is expected to increase to 0.4% from the previous value of 0.3% and Chicago PMI is expected to decrease to 62.3 from the previous figure of 63.6. Additionally, Revised UoM Consumer Sentiment is expected to slightly decrease to 100.5 from the previous figure of 100.8.
On the other hand, today CHF KOF Economic Barometer report is expected to slightly decrease to 100.1 from the previous figure of 100.3.
As of the current scenario, USD is quite strong fundamentally though certain indecision is still there in the market having mixed expectations for the upcoming economic reports. Any positive economic result on the USD side is expected to inject further bullish pressure in the pair which is more probable at the current market situation.
Now let us look at the technical view. The price is currently residing above 0.9700 area and dynamic level of 20 EMA with a daily close having Bullish Divergence supporting the upcoming gains in the process. As the price remains above 0.9700 area, the bullish bias is expected to continue further with target towards 0.9850 and later towards 0.9980 area in the coming days.
SUPPORT: 0.9700
RESISTANCE: 0.9850, 0.9980
BIAS: BULLISH
MOMENTUM: IMPULSIVE
Technical analysis of Gold for September 28, 2018
2018-09-28
Gold price has broken through support levels and is now challenging the $1,180 level. Trend remains bearish as price is still inside the bearish channel. I have been saying for some time now that as long as price is below $1,211, prices are vulnerable for a move lower towards $1,180 and why not to new 2018 lows.
Red lines - bearish channelblue lines - trading range
Gold price has broken out of the trading range it was in for the last month. Price initially broke below the short-term support of $1,190 and is now challenging next support at $1,180. Resistance is now found at $1,203 and next at $1,206. As long as Gold is below these levels any bounce is considered a sell opportunity for a move lower towards new lows. Gold's bounce was not as big as we initially anticipated ($1,220) as price mostly moved sideways after topping around $1,215. Short-term trend has changed from neutral to bearish again for Gold.
Technical analysis of EUR/USD for September 28, 2018
2018-09-28
EUR/USD has done exactly what bulls DID NOT want to see. Bounced to 1.18, got rejected and then pushed back below 1.17. Last chance for EUR/USD bulls is to hold above 1.16 and start soon a new upward move. EUR/USD is challenging important support today.
Orange dots - medium strength resistance
Red dots - maximum strength resistance
EUR/USD has broken through support levels 1.17 and 1.1660. Short-term trend has changed to bearish. The rejection at 1.18 was a very important bearish sign and I believe the correction will not be shallow for EUR/USD. I believe that EUR/USD could now even break below 1.16 and continue towards 1.15. Unless we see some constructive action to the upside, bears will be in control. Longer-term view is bullish expecting an important low to be formed around 1.15-1.1450.
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