By Mexgroup.com
USD/CHF Trading In The Green
The USD/CHF increased in the early morning and tries to take out an important resistance level. Price surged as the USDX has managed to increase a little as well. The dollar index maintains a bullish perspective on the short term despite the minor drop.
USDX was expected to drop after the false breakout above the 93.81 static resistance, but failed to approach and reach the 92.49 static support, signaling that the bulls could take the lead again very soon.
The dollar index failed to retest a dynamic support as well, showing a minor oversold on the Daily chart. The greenback decreased a little on Friday as the US data have disappointed, but a USDX’s increase will force the USD to pick up again. Technically, the USDX is expected to increase and to jump above the 93.81 major static resistance.
Price increased as is very close to erase the Friday’s losses. Right now is pressuring the upper median line (uml) of the descending pitchfork and could hit the outside sliding line again. Technically, it could breakout above the sliding line (SL) after the false breakdown below the WL2 and after the failure to close on this major dynamic support.
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Resistance can be found at the 0.9787 level as well, so only a valid breakout above this level will confirm a further increase in the upcoming period. On the other hand, a drop will be validated after the valid breakdown below the WL2 of the ascending pitchfork.
USD/CAD Buying Opportunity?
The USD/CAD increased and looks poised to start another upside momentum. Technically, it should climb much higher after the false breakdown below the upper median line (uml) of the minor descending pitchfork and after the retest of the median line (ml) of the minor blue ascending pitchfork. The bulls could take the lead again after the failure to close on the median line (ml).
Gold Facing A Tough Resistance
Price decreased a little today after the Friday’s impressive rally, but the bias remains bullish on the short term. It could climb much higher on the short term if will have enough energy to close above the WL1 of the descending pitchfork. Gold has climbed much above the $1300 per ounce, signaling that the bulls are still very strong on the short term.
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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The post Daily Market Report – USD/CHF Another Breakout Attempt October 16, 2017 appeared first on mexgroupblog.
