Daily Forex forecast analysis 09-28-2017 – we analyzed the upcoming currency pairs and events of the day that could impact the Forex market, These analysis are published here each day.
Forex Forecast Analysis 09-28-2017 include information on EURUSD, USDCHF, GBPUSD, USDJPY & AUDUSD
The euro continued to fall against the US dollar, but we’ve seen a sudden rebound higher during the US session. Since then, the price consolidated lower and given the price action prior to the bullish spike, it seems like the sellers will continue to move the price lower. So far, there is no significant sign that the bull had managed to take control over the order flow and also we have the price continuing to float below the 4h chart 20 EMA.
If the sellers will continue to push the price lower and manage to break below yesterday low, 1.1709 and 1.1686 support levels might follow. 1.1662 follows below them and it should provide some short-term support.
On the upside, we expect the price to continue to float below the 4h chart 20 EMA. Below the 20 EMA we have the 1.1744 and 1.1774 resistance levels, which could be treated as a new selling point by the sellers.
- From EU, Industrial Confidence, Consumer Confidence, Business Climate are due to being released at 09:00am GMT.
- From US, we have some key GDP figures scheduled to be released at 00:30pm.
The US dollar slumped short-term against the swiss franc yesterday as rumors of a new missile launch by North Korea spread around the globe. However, the move had been short-lived and it seems like the bulls treated it as a new opportunity to buy. So far the price action structure does not point towards a shift in the order flow and we expect the bullish trend to continue higher. There are some key US figures due later, which could influence the price movement.
At the time of writing, the price is located around the 0.9742 resistance level and swing point. In case the buyers will manage to overcome that area, yesterday high and 0.9771 resistance level are expected to be reached and we expect a stronger reaction from the sellers there.
In case a retracement takes place, 0.9725 level could provide some short-term support and in case it fails to do that, 0.9704 and 0.9683 could follow as support levels and try to cap the downside.
There are no important economic figures due from Switzerland today.
Cable did not have a very active performance yesterday as we’ve seen the price consolidating for half of the day. However, the bulls activity had not been impulsive at all and the price action structure points towards a continuation lower at the present moment. We expect the price to continue to move lower in the short-term, since the US dollar seems to be favored against all major currencies.
If the price will manage to break below yesterday low, we expect the sellers to put pressure on 1.3328 support level. If they will manage to extend the trend lower, 1.3226 and 1.3147 could follow in the medium term.
On the upside, we believe buying activity will be limited but in case the buyers manage to rebound the price, 1.3404 and 1.3431 are expected to act as resistance level below the 4h chart 20 EMA. The EMA should also act as a barrier in front of the buyers.
- From UK, BOE’s Carney will hold a speech at 08:15am GMT.
The US dollar continues to be favored against the yen as well, even though we’ve seen a sudden dip after the North Korea missile launch rumors. The sellers did not manage to break lower impulsively, in fact, the buyers treated the selloff as a new opportunity to enter the market long and since then we’ve seen the market moving on the upside. Looking ahead, since there is no sign that the order flow had shifted thus far, we expect the bullish trend to continue to extend higher.
If that will be the case, we expect the buyers to put pressure on yesterday high and if they manage to succeed, 113.45 and 113.81 resistance levels could potentially be reached today, if the US data will support the upside.
On the other hand, if the selling pressure will resume, we expect the price to reach 112.77 and 112.51 short-term support levels, before touching the 4h chart 20 EMA. We expect the buyers to have a reaction there and manage to cap the downside.
The Aussie continues to lose ground against the US dollar at a fast pace and so far the price action structure suggests the order flow is heavily biased towards the sell side. We haven’t seen any major reaction from the buyers this week which suggests that there had been a low appetite to buy. As long as the current condition will be in play, we expect the sellers to continue to dominate the order flow and push the price lower.
At the time of writing, the price managed to test the 0.7812 support area where it stalled. Buying activity should spike at least for the short-term there, but in case that won’t happen, we expect the price to continue to break lower towards 0.7787 area.
On the upside, 0.7834 and 0.7860 area, could represent new entry point for sellers if the buying momentum will drive the price there. We expect the price to continue to be located below the 4h chart 20 EMA.