Daily Market Report – USD/CHF Hit New Highs October 23, 2017

USD/CHF Strongly Bullish

Price rallies and extends the bullish momentum as the USDX is trading in the green. The USD has taken full control and drives the pair higher, remains to see what will really happen in the upcoming period and if the USDX will have enough energy to make a valid breakout above the 93.81 static resistance.

The rate edges higher and is almost to reach a very strong dynamic resistance. I’ve said in the previous days that technically it is expected to climb much higher in the upcoming period.

The USD appreciates versus its rivals as the United States data have come in better in the last days, the dollar index reached the 94.00 psychological level earlier and could finally make a valid breakout above the 93.81 static resistance.

The rate increased sharply and is almost to reach the median line (ml) of the minor ascending pitchfork, where he may find resistance again. Most likely will be attracted by the confluence area formed at the intersection between the median line (ml) with the first warning line (WL2) of the descending pitchfork. Resistance can be found at the 250% Fibonacci line (ascending dotted line) as well if will take out the near term obstacles.

We’ll see if will have enough energy to climb above the mentioned resistance levels, a rejection from the median line of from the WL1 will send the rate towards the WL2 again. We have a bullish bias as long as the rate is trading within the ascending pitchfork’s body.

USD/CAD Will Make New Highs

The currency pair increased and resumed the Friday’s impressive rally, should approach and reach the 1.2678 horizontal resistance if the USDX will climb much higher. Is expected to be attracted by the median line (ML) of the major red descending pitchfork. Technically, it should climb towards the upper median line (uml) of the blue ascending pitchfork after the failure to retest the median line (ml).

NZD/USD Erased The Morning Losses

The NZD/USD dropped further in the morning resuming the bearish momentum, but the bulls have struck back and have forced the rate to jump higher and to close the morning gap. The pair was almost to reach the sixth warning line (wl6), but now it could come back to retest the median line. Could reach also the 0.7000 psychological level, while a valid breakout above the median line will signal a further rebound.

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.

Risk Disclaimer:

Trading, in general, is very risky and is not suited for everyone. There is always a chance of losing some or all of your initial investment/deposit, so do not invest money you can’t afford to lose. You are strongly advised to carry out your independent research before making any trading decisions. All the analysis, market reports posted on this site are only educational and do not constitute an investment advice or recommendation to open or close positions on international financial markets. The author is not responsible for any loss of profit or damage which may arise from transactions made based on any information on this website.

The post Daily Market Report – USD/CHF Hit New Highs October 23, 2017 appeared first on mexgroupblog.

Source:: Daily Market Report – USD/CHF Hit New Highs October 23, 2017