Daily Market Report – EUR/CHF Another Leg Higher? September 29, 2017

EUR/USD Still In The Green

The currency pair increased in the morning and tries to resume the yesterday’s bullish candle. Has retested an important dynamic support and is somehow expected to climb higher after the corrective phase.

We’ll see what will happen because technically a breakdown was favored after the failure to close above a major resistance area.

The economic calendar is filled with high impact data, so the price will be driven by the fundamental factors today, you should be careful not to suffer a heavy loss.

The German Retail Sales could increase by 0.5%, less versus the 0.6% in the previous reporting period, while the German Unemployment Change could remain in the negative territory, at -5K for the second month in August. Moreover, the CPI Flash Estimate is expected to increase by 1.6%, more versus the 1.5% in the former reading period, while the Core CPI Flash Estimate may increase by 1.2%.

The price failed to break below the confluence area formed at the intersection between the WL4 and the upper median line (uml) of the ascending pitchfork, signaling a rebound. EUR/CHF retested the upper median line (uml) of the minor ascending pitchfork.

A breakdown was somehow expected after the false breakout above the WL3 and above the WL5. We’ll see what will happen in the upcoming days because the failure to reach the median line (ml) of the descending pitchfork announces a bullish momentum towards the upper median line (uml) of this pitchfork.

Brent Oil Buying Opportunity?

The pair has dropped a little today and continues to pressure the 250% Fibonacci line (descending dotted line). It could still retest the median line (ML) of the major ascending pitchfork, actually, is attracted by the confluence area formed between the ML and the 250% Fibonacci line. A valid breakdown through the confluence area will accelerate the sell-off, while a rejection will bring us a good opportunity to go long again.

AUD/USD More Downside In View

Price drops again after the yesterday’s rebound. The pair had come back to retest the median line (ml) of the minor descending pitchfork and now tries to resume the bearish movement. A further drop will be confirmed after a valid breakdown below the 0.7835 static support. The major downside target will be at the WL1, it could also be attracted by the lower median line (lml) of the descending pitchfork.

By Olimpiu Tuns -Market Analyst

I graduated a Master in Business Administration, I am a Market Analyst / Trader on Financial Markets (forex, commodities, futures, options) for more than 6 years, I use technical and fundamental analysis for my daily activity. Founder and Market Analyst at ovtbusiness.com (Financial Markets Blog) and contributor on investing.com, actionforex.com, countingpips.com, forexalchemy.com, etc.

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