{"id":113349,"date":"2017-09-22T06:25:21","date_gmt":"2017-09-22T10:25:21","guid":{"rendered":"http:\/\/countingpips.com\/?p=113349"},"modified":"2017-09-22T05:44:30","modified_gmt":"2017-09-22T09:44:30","slug":"forex-market-review-220917","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/09\/forex-market-review-220917\/","title":{"rendered":"Forex market review: (22\/09\/17)"},"content":{"rendered":"<div id=\"inves-1520833536\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 22, 2017<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By Veselin Petkov, Alpari<\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p>The second half of yesterday\u2019s trading session passed without any major news. The market is still adjusting to the Fed\u2019s decision taken on Wednesday evening (21<sup>st<\/sup>\u00a0of September).<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:00 France: Markit services PMI (Sep), Markit manufacturing PMI (Sep).<\/li>\n<li>10:30 Germany: Markit services PMI (Sep), Markit manufacturing PMI (Sep).<\/li>\n<li>11:00 Eurozone: ECB President Mario Draghi\u2019s speech, Markit manufacturing PMI (Sep), Markit services PMI (Sep).<\/li>\n<li>n\/a UK: British Prime Minister Theresa May\u2019s speech.<\/li>\n<li>13:00 UK: CBI industrial trends survey \u2013 orders (Sep).<\/li>\n<li>15:30 Canada: retail sales (Jul), CPI (Aug).<\/li>\n<li>16:45 USA: Markit manufacturing PMI (Sep), Markit services PMI (Sep).<\/li>\n<\/ul>\n<p>Today, our attention will be focused on the PMI indicators from Markit for the Eurozone and US. HIS Markit is set to publish its preliminary forecasts for GDP growth in the European and American economies for the third quarter of 2017. The effects of the hurricanes to have hit the Southwest coast of the US will be taken into account in this preliminary rating.<\/p>\n<p>British Prime Minister Theresa May is set to make a speech today in Florence on the subject of the UK\u2019s future relationship with the European Union post-Brexit. Remember that over the course of the last year, we\u2019ve seen very high intraday volatility on the pound while speeches of this nature have been taking place.<\/p>\n<p>On Saturday the 23<sup>rd<\/sup>\u00a0of September, New Zealand will hold its parliamentary elections, and on the 24<sup>th<\/sup>, Germany will hold its federal elections. Volatility on the Kiwi dollar and the euro could be significantly higher before and after the weekend.<\/p>\n<p><strong>EUR\/USD<\/strong><\/p><div id=\"inves-3826981413\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>On the 4-hour timeframe, the EURUSD pair is trying to recover its upwards trend:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/FX%20market%2022.09.2017%20chart%201_59c4b4d68ae74_59c4c9f2daec1.png\" alt=\"\" \/><\/p>\n<p>On the hourly timeframe, the EURUSD is moving towards the centre of its potential range:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/FX%20market%2022.09.2017%20chart%202_59c4b4e4b8b58_59c4ca06231d6.png\" alt=\"\" \/><\/p>\n<p>Although there is a weak buy signal on this pair, I\u2019m going to refrain from trading. First of all, elections are being held in Germany over the weekend. In theory, the market could open with a gap after the weekend. While elections only have a small influence on national currency rates in the long term, volatility can increase in the short term. Secondly, on the hourly timeframe, the EURUSD pair is trading within a range, which in itself indicates that growth on the euro has stalled. Thirdly, the pair has yet to renew the \u201ckey top\u201d of the correctional movement on the hourly timeframe. It\u2019s for these reasons that I\u2019m just going to watch the market from the sidelines today.<\/p>\n<p>At the time of writing, the EURUSD pair is trading at 1.1969.<\/p>\n<p><strong>GBP\/USD<\/strong><\/p>\n<p>On the 4-hour timeframe, the GBPUSD pair is trading around the resistance line of the upwards trend:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/FX%20market%2022.09.2017%20chart%203_59c4b4f409131_59c4ca13edd14.png\" alt=\"\" \/><\/p>\n<p>I don\u2019t think it\u2019s worth buying GBPUSD at the moment. What\u2019s more, we could see some potentially chaotic behavior on the pound during Theresa May\u2019s speech today. At the time of writing, the GBPUSD pair is trading at 1.3590.<\/p>\n<p><strong>USD\/CHF<\/strong><\/p>\n<p>The USDCHF pair is continuing to move in a downwards trend on the daily timeframe:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/FX%20market%2022.09.2017%20chart%204_59c4b5028149d_59c4ca26512ae.png\" alt=\"\" \/><\/p>\n<p>We can see on the chart, however, that the price is approaching the resistance line of the trend. In my opinion, if US economic growth picks up thanks to the Fed\u2019s looser monetary policy, the USDCHF could break through the trend line. Still, I\u2019d like to stress that the USDCHF pair is still caught in a downwards trend and we\u2019re talking about the daily timeframe here. That is to say that if there is a breakout, it won\u2019t be instantaneous.<\/p>\n<p>At the time of writing, the USDCHF pair is trading at 0.9681.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">Forex market review: (22\/09\/17)<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Veselin Petkov, Alpari The second half of yesterday\u2019s trading session passed without any major news. The market is still adjusting to the Fed\u2019s decision taken on Wednesday evening (21st\u00a0of September). Day\u2019s news (GMT+3): 10:00 France: Markit services PMI (Sep), Markit manufacturing PMI (Sep). 10:30 Germany: Markit services PMI (Sep), Markit manufacturing PMI (Sep). 11:00 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-113349","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=113349"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113349\/revisions"}],"predecessor-version":[{"id":113350,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113349\/revisions\/113350"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=113349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=113349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=113349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}