The market on the verge of a global medium-term reversal
Analytics from Forex Analitik
The past week was marked by a series of events, to bring
the market potential for global mid-term reversal:
market, USD / CHF ended the week breakdown of support 0.9820 coupled with
downward divergence on a weekly interval. Also, there is a bearish candle
absorption on the daily timeframe.
EUR / USD tends to
test 1.1125 resistance W1, and the likelihood of breakdown feel pretty
USD / JPY has carried out
a retreat from the resistance of 123.96, and has formed a bearish engulfing candle on
the weekly chart, plus testing the support at 120.79 D1.
Also, it is expected to yield the following fundamental data,
contributing to a possible reversal:
Japan’s large manufacturers of Tankan for the 4th quarter – expected 11 against
10 in the last quarter.
The volume of industrial
production of the euro area is expected 0.3% versus -0.3% last month.
ZEW economic sentiment in Germany 15.0 against 10.4 in the previous month.
Activity in the manufacturing sector (PMI) Germany 53.0 against 52.9 in the past
building permits in the US against 1.150M 1.161M last month.
Activity in the US manufacturing sector (PMI) 52.7 against 52.8 in the past
month. The volume of Japanese exports -1.5% versus -2.1% last month.
The index of business
Germany IFO climate 109.1 vs. 109.0 last month.
Proceeding from the above stated, I believe that:
The pair USD / CHF
there is a clear signal to the medium-term sales from the current level of 0.9610 with the targets
and 0.9468, indicating that the medium turn downward. The alternative – breakout
resistance to 1.0022 D1 may void the downward turn.
Instrument EUR / USD
– in the case of breakdown of weekly resistance 1.1125 will form a mid-term
an upward turn for the purpose of 1.1425, where the possible resumption of the downward
trend. In the alternative, in case of breaking the daily support of 1.0758 –
the resumption of the downtrend.
USD / JPY, in the case of
120.79 breakdown of support on the daily timeframe, the medium-term reversal is possible
down targets 118.10 and 113.60. Alternatively, a break of resistance at 122.45
H4 may mean the abolition of the reversal.
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