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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 85183, member: 33464"] [b]USDCHF under Bearish Pressure[/b] [B]Key Highlights[/B] • US Dollar is under bearish pressure especially against the Swiss franc and might trade lower. • US Existing Home Sales, released by the National Association of Realtors posted an increase of 5.1% in May 2015, compared to the preceding month. • Chicago Fed National Activity Index (CFNAI) came in at -0.17 in May 2015. [B]US Existing Home Sales Change[/B] Earlier during the NY session, the US Existing Home Sales which present an estimated value of housing market conditions and a sensitive factor to the US economy was released by the National Association of Realtors. The market was expecting it to rise by 4.4% in May 2015, compared to the preceding month. However, the outcome was better than the forecast, as the US Existing Home Sales increased by 5.1% to 5.35M, compared to the expectation of 5.26M. Moreover, the yearly change was also on the higher side, as there was an eight consecutive month’s increase, rising 9.2 percent above a year ago (4.90 million). [B]USDCHF Technical Analysis [/B] The USDCHF pair is trading lower and following a nice bearish path. There is a monster resistance trend line formed on the hourly chart, which is acting as a barrier for buyers. There are more than five failures noted around the highlighted trend line. Moreover, the pair is placed below the 100 and 200 simple moving averages, which is another negative sign for buyers. [IMG]http://s10.postimg.org/xmz3vizax/USDCHF_06_22_2015.png[/IMG] If the pair manages to correct higher, then it might face hurdle around 0.9250, followed by the 0.9280 level. On the downside, the last swing low of 0.9200 could act as a support in the short term. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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