By Mexgroup.com
The USD/CHF increases and resumed the yesterday’s minor bullish candle, but is facing a tough resistance level. The USD has taken the lead again and is driving the rate higher, but still, needs a helping hand from the United States data to be able to jump much higher in the upcoming period.
The greenback increases as the dollar index have managed to climb much higher. USDX is trading above the 93.50 psychological level and could hit the 93.81 static resistance if the United States data will come in better than expected.
The US Industrial production is expected to increase by 0.3% in the previous month versus the 0.9% drop in the former reading period, while the Capacity Utilization Rate could be reported at 76.2%, higher versus the 76.1% estimate. The Import Prices will be released as well and are expected to increase by 0.6%, matching the 0.6% growth in the former reading period.
Price increased and jumped above the outside sliding line (SL) of the descending pitchfork and above the upper median line (UML). USD/CHF climbed above the 0.9787 static resistance, but failed to stay above it and now is waiting for the US data to come out.
I’ve said in the previous report that the pair may increase after the false breakdown below the WL2 and after the failure to close on this level. Only a valid breakout above the 0.9787 static resistance will confirm a further increase.
Free Reports:
Brent Oil Losing Momentum
The Brent Oil rallied in the last two days and reached the 58.64 level, but failed to stay there. Price increased today and tries to climb towards the yesterday’s high, but the bulls seem exhausted. The near-term upside targets will be at the upside line of the up channel and at the 59.50 previous high. A failure to reach these levels will signal a minor retreat, while a drop below the 57.72 level and below the ML will confirm a larger drop.
EUR/CHF Struggling To Stay Higher
The rate has reached new lows today, but has squeezed a little and tries to stay near the 1.1504 yesterday’s closing price. It is somehow expected to reach the upper median line (uml) of the minor ascending pitchfork. Is trading right above the 1.1500 psychological level, but if will close below this obstacle a below the upper median line (uml) of the ascending pitchfork will confirm a drop at least till the median line (ml) of the ascending 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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The post Daily Market Report – USD/CHF Needs A Bullish Spark October 17, 2017 appeared first on mexgroupblog.
