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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 93066, member: 33464"] [B][I]USDCHF Following a Descending Chanel; Break Likely? [/I][/B] [B]Key Highlights [/B] · US Dollar after trading as high as 1.0327 failed to gain traction and is currently moving lower against the Swiss Franc. · There is a descending channel formed on the hourly chart, which is acting as a resistance for the USDCHF pair. · In the US, the Total Vehicle sales released by the Autodata Corp posted a reading of 18.19M in November 2015, compared with the forecast of 18.10M. · In Australia, the Gross Domestic Product released by the Australian Bureau of Statistics posted an increase of 0.9% in Q3 2015, more than the forecast of 0.8%. [B]USDCHF Technical Analysis[/B] The US Dollar enjoyed a nice ride against the Swiss Franc, and traded close to the 1.0320 resistance area. There is a descending channel formed on the hourly chart, which is taking the USDCHF pair lower. [IMG]http://s28.postimg.org/ld6uvpsal/USDCHF_12_02_2015.png[/IMG] Currently, the pair is trading near the 100 hourly simple moving average. If sellers gain momentum and take the pair lower below the channel support area, then a test of the last swing of 1.0224 is possible in the near term. On the upside, the channel resistance area near 1.0280 holds the key and may continue to act as a hurdle for buyers. [B]US Total Vehicle Sales[/B] The US Total Vehicle sales, which measures vehicle sales in the U.S and is considered as an indicator for consumer confidence was released by the Autodata Corp. The market was expecting a reading of 18.10M in November 2015. However, the outcome was a bit on the higher side. It posted a reading of 18.19M, but there was no major reaction noted in the US dollar after the release. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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