{"id":113555,"date":"2017-09-26T07:15:42","date_gmt":"2017-09-26T11:15:42","guid":{"rendered":"http:\/\/countingpips.com\/?p=113555"},"modified":"2017-09-26T07:01:10","modified_gmt":"2017-09-26T11:01:10","slug":"forex-market-review-260917","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/09\/forex-market-review-260917\/","title":{"rendered":"Forex market review: (26\/09\/17)"},"content":{"rendered":"<div id=\"inves-2017595772\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 26, 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>During his speech yesterday at the European parliament, ECB president Mario Draghi accredited the euro\u2019s rise since the beginning of the year to the marked improvement in the Eurozone\u2019s economic situation. The ECB head stressed that the bank\u2019s ongoing ultra-loose monetary policy was a significant contributor to recent economic growth. Draghi also emphasised that the regulator\u2019s asset-purchasing program has turned out to be very effective. The ECB is expecting 2.2% percent growth in 2017, 1.8% in 2018, and 1.7% in 2019.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul>\n<li>02:50 Japan: BoJ monetary policy meeting minutes.<\/li>\n<li>3:00 New Zealand: ANZ business confidence (Sep).<\/li>\n<li>17:00 USA: new home sales (Aug).<\/li>\n<li>19:45 USA: Fed\u2019s Yellen speech.<\/li>\n<\/ul>\n<p>In the second half of the day, Janet Yellen is set to speak in Cleveland on the subject of \u201cinflation, uncertainty, and monetary policy\u201d. Volatility on the dollar could increase in the short term during the speech.<\/p>\n<p>I\u2019d also like to add that, due to the sharp tone of comments coming from both the Pentagon and Donald Trump\u2019s administration directed towards North Korea, gold, the Swiss franc, and the Japanese yen have been showing some chaotic intraday behaviour at times over the last few days.<\/p>\n<p><strong>EUR\/USD<\/strong><\/p>\n<p>On the 4-hour timeframe (H4), the EURUSD pair is attempting a breakout of the trend line:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Market%2026.09.2017%20chart%201_59ca072341fa1_59ca24608ab88.png\" alt=\"\" \/><\/p>\n<p>From my point of view, the trend on the H4 timeframe will only be broken if the EURUSD renews the \u201ckey base\u201d of the upwards trend, which is at 1.1680. The trend is still upwards for now, although there aren\u2019t any buy signals.<\/p>\n<p>On the hourly timeframe (H1), the EURUSD pair is testing the lower regions of its range:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Market%2026.09.2017%20chart%202_59ca074fccb56_59ca2473b077e.png\" alt=\"\" \/><\/p>\n<p>There aren\u2019t any buy signals on H1 either.<\/p>\n<p>In fact, if we switch to the 30-minute timeframe, there\u2019s the potential for the formation of a downwards trend:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Market%2026.09.2017%20chart%203_59ca07632bc67_59ca24827b22e.png\" alt=\"\" \/><\/p>\n<p>It\u2019s important to note that, as of now, the upwards trend on H4 is still intact, as is the range on H1, so it would be very risky to bet on a downwards trend on the basis of the M30 timeframe.<\/p>\n<p>At the time of writing, the EURUSD is trading at 1.1851.<\/p>\n<p><strong>USD\/CHF<\/strong><\/p>\n<p>The USDCHF currency pair is continuing to fluctuate around the downwards trend line on the daily timeframe (D1):<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Market%2026.09.2017%20chart%204_59ca0778b9bd1_59ca24915a3ed.png\" alt=\"\" \/><\/p>\n<p>The USDCHF pair is currently unable to break away from the trend. I believe that the possibility of this happening will increase if, on the monthly timeframe, for September, we get a bullish engulfing of June\u2019s, July\u2019s and August\u2019s candlesticks. For this to happen, the month needs to close at 0.9720 or higher:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Market%2026.09.2017%20chart%205_59ca078ce315c_59ca24a11012c.png\" alt=\"\" \/><\/p>\n<p>If we get a bullish engulfing pattern for September, this will limit the USDCHF pair\u2019s possibilities for growth. For now, I\u2019m maintaining my long position on the USDCHF pair with a Stop Loss at 0.9390.<\/p>\n<p>At the time of writing, USDCHF is trading at 0.9689.<\/p>\n<\/div>\n<p>Source:\u00a0<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/21983_26092017\/\" target=\"_blank\" rel=\"noopener\">https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/21983_26092017\/<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Veselin Petkov, Alpari During his speech yesterday at the European parliament, ECB president Mario Draghi accredited the euro\u2019s rise since the beginning of the year to the marked improvement in the Eurozone\u2019s economic situation. The ECB head stressed that the bank\u2019s ongoing ultra-loose monetary policy was a significant contributor to recent economic growth. Draghi [&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-113555","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113555","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=113555"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113555\/revisions"}],"predecessor-version":[{"id":113556,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113555\/revisions\/113556"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=113555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=113555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=113555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}