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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 89623, member: 33464"] [b]USDCHF Eyes US CPI for a Break[/b] [B]Key Highlights[/B] • US Dollar surged higher against the Swiss franc after dipping close to the 0.9660 support area. • USDCHF pair is trading near an important bearish trend line on the hourly chart, acting as a resistance. • US Consumer Price Index will be released by the US Bureau of Labor Statistics with the market forecast lined up for an increase of 0.2% in August 2015, compared with August 2014. • In New Zealand today, the Current Account released by the Statistics New Zealand came in at $-1.22B, lower than the forecast. US CPI and Possible Outcomes Later during the NY session, there is a high-risk event lined up in the US, as the Consumer Price Index, which is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services will be released by the US Bureau of Labor Statistics. The forecast is lined up for an increase of 0.2% in August 2015, compared with the same month a year ago. In terms of the monthly change, the forecast is 0%. [B]USDCHF Technical Analysis[/B] The USDCHF recently fell and traded close to the 0.9660 support area where it managed to gain bids. It is now correcting higher, and facing resistance around an important bearish trend line on the hourly chart. [IMG]http://s24.postimg.org/4kkyrf9id/USDCHF_09_16_2015.png[/IMG] However, there are a few bullish signs on the chart, as the pair is trading above the 100 and 200 hourly simple moving averages. So, if the pair moves or corrects lower from the current levels, then it might find support near the 100 MA, coinciding with the 38.2% fib retracement level of the last wave from the 0.9669 low to 0.9765 high. ------------------------------------------- [B][U][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/U][/B] [/QUOTE]
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