By Forex Signs, Inc.<\/p>\n
The CHFJPY pair has continued its bullish trend from yesterday’s session; there are no significant technical moves so far. With overall bias in the long term remains to the upside, its still needs a clear break above 88.011 to continue the bullish scenario targeting 88.923. On the other hand, a clear break below 86.737 could trigger further bearish pressure, testing the 86.428 support which would invalidate the buy bias for the long term. RSI (14) for the long term shows price is near overbought, suggesting a reversal at anytime may happen.<\/p>\n
Strong Oversold Quantified by William’s Percentage Rate<\/p>\n
At today’s trading session, the USDCHF pair opened at price level 0.9660. The pair pursued a downtrend then after at H1 chart. At the time of writing, it already fell 21 pips. Resistance level is at 0.9698 while support is at 0.9633. The foregoing downtrend will most likely pursue the entire day as it had began at yesterday’s trade. During the previous session, the pair opened at 0.9712 price level. After two candlesticks at H1 chart, the pair had a bearish breakdown then tumbled further down by 51 pips. Moving forward to today, the USDCHF pair already surpassed preceding support at 0.9646. Chances are if the pair breaks current support, the trend is looking to go more far under. In support with aforesaid statement, %R (14) at the time of writing is lingering at the oversold level. The signal is unlikely to go up yet as it has not yet reached or even near the extreme -100 value. Aside from that, the fractals agree that the pair is strongly recommended to be sold as it is far down away from the Alligator’s lips. To recall, Bill Williams’ Alligator is an indicator of whether what trend is the currency pair pursuing. At present, its three main parts are appropriately placed indicating a strong downward movement. However, MACD (12,26,9) is not yet strong enough to indicate a sell. There is a slight chance that the signal might reverse approaching the positive base.<\/p>\n
Better Than Expected Data May Push The Lonnie Up Against Other Currencies<\/p>\n
For the upcoming session, Canada will be releasing their data on inflation and consumer spending. Also, early reports suggest the Loonie may be able to bounce back against the US, as economists expect a better than expected reports for CPI and retails sales. Core consumer price index is expected to rise 0.2 percent for November, following an earlier increase of 0.4 percent in October. Consumer price index is also expected to increase 0.3 percent for November, after October’s rise of 0.4 percent. The increase may be attributed to rising gas prices and less price increase for food. It is believed that inflation continues to be concentrated in one sector and is not spread over other various sectors. Economists perceive this would continue to leave the Bank of Canada on the sidelines with respect to its policy interest rate; keeping it unchanged at 1.0 percent well into 2011. Retail sales is also expected to rise by 0.6 percent. This would be the third consecutive report that this indicator would post a positive growth. Core retail sales is also expected to post a 0.8 percent rise, higher than its last report 0.4 percent increase.<\/p>\n
Forex Signs, Inc., Founded in 2006 in Wall Street, New York City, FSI relentlessly strives to be the premier Forex brokerage company in the industry by providing exclusive and unmatched trading and investment related services while constantly developing innovative solutions that cater to the vast requirements of both individual and institutional market participants.<\/p>\n","protected":false},"excerpt":{"rendered":"
The CHFJPY pair has continued its bullish trend from yesterday’s session; there are no significant technical moves so far. With overall bias in the long term remains to the upside, <\/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-17161","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=17161"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17161\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=17161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=17161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=17161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}