Forex Market Commentary By TitanFX

[titanfx]

Euro Could Trade Higher versus Japanese Yen

Key Highlights
• Euro traded higher against the Japanese Yen, but it looks like it if finding resistance around 138.80.
• Euro Zone Consumer Price Index will be released by Eurostat today, which is expected to post a decline of 0.6% in July 2015.
• In New Zealand, the Retail Sales report released by the Statistics New Zealand registered an increase of 0.1% in the second quarter, compared with the preceding quarter.

EURJPY Technical Analysis
The Euro traded higher recently and made one more attempt to clear the 138.80 resistance area against the Japanese Yen. However, the EURJPY pair failed once again, and this makes it more than 3 attempts to clear the stated resistance area. There was a bullish trend line formed which was broken earlier, and now acting as a resistance for the pair.

Overall, there is a monster resistance formed around 138.80, which poses a risk for a break lower in the near term. The pair needs to settle above 139.00 if it has to trade higher moving ahead. On the downside, an initial support can be seen around 50% fib level of the wave from the 138.07 low.

Euro Zone CPI
Today, the Euro Zone Consumer Price index, which captures the changes in the price of goods and services will be released by Eurostat. The forecast is lined up for a 0.6% decline in July 2015, compared with the preceding month. In terms of the yearly change, it is expected to increase by 0.2%. Any disappointment might cause a downside reaction in the near term in the Euro.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDCAD – Crucial Break Noted

Key Highlights
• US Dollar managed to pop higher against the Canadian Dollar, and also managed to clear a major resistance area.
• US Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York declined to -14.92, whereas the market was expecting it to come in at 5 in August 2015.
• Canadian investment in foreign securities released by the Statistics Canada came in at $8.57B, more than the last reading of $5.73B (revised).
• Canadian International Securities $8.51B, more than the market expected.

USDCAD Technical Analysis
The US Dollar managed to climb higher against the Canadian Dollar today, and also cleared a crucial barrier on the upside. There was a bearish trend line formed on the hourly chart of the USDCAD pair. Buyers managed to break it, and it looks like the pair managed to settle above it.

The most important point is that the pair settled above the 100 and 200 simple moving average, which could ignite more gains in the near term. We need to see how the USDCAD pair reacts, and whether it can capitalize on the recent break or not.

On the upside, buyers might eye a move towards the 1.3200 area where sellers could take a stand. On the downside, the 200 hourly SMA may perhaps act as a support in the near term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY Crash and Recovery

Key Highlights
• The Forex market turmoil continued, as the Japanese Yen gained across the board.
• The carnage in global stocks and commodities witnessed throughout the day, as investors were seen nervous.
• A lot of volatility was witnessed in most major pairs like EURUSD, NZDUSD and USDJPY.
• USDJPY crashed to trade as low as 116.10 before recovering sharply by more than 250 pips.
• The Chicago Fed National Activity Index (CFNAI), released by Federal Reserve Bank of Chicago rose from the last revised reading of -0.07 to 0.34 in July 2015.

USDJPY Technical Analysis
The US dollar was crushed today especially against the Japanese Yen. There was more than 400 pips declines in the USDJPY pair, as the pair traded lower close to the 116.00 support area. It is where buyers stepped in to prevent any additional losses.

There is a solid rejection pattern forming on the hourly chart of the USDJPY pair. However, the decline in USDJPY speaks volume about the current market condition. There is a bearish trend line on the hourly chart, which could act as a resistance if the pair moves higher from the current levels.

Overall, investors need to cautious as there can be increase in the swing moves in the near term.

Chicago Fed National Activity Index (CFNAI)
Earlier during the NY session, the US saw an economic release as the Chicago Fed National Activity Index (CFNAI), which is a monthly index designed to gauge overall economic activity and related inflationary pressure was reported by Federal Reserve Bank of Chicago. The market not expecting any major rise in the index, but the result was above the forecast as the Chicago Fed National Activity Index (CFNAI) climbed in July 2015 from the last revised reading of -0.07 to 0.34.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDJPY – 85.00-40 Is Crucial Juncture for Aussie Dollar

Key Highlights
• Aussie Dollar after trading lower towards 83.60 against the Japanese Yen managed to gain buyers, and currently making an attempt to correct higher.
• There is a major resistance area formed around 85.00-40 where sellers might step in.
• Australian Retail Sales released by the Australian Bureau of Statistics decreased by 0.1% in July 2015, compared with the expectation of a 0.4% rise.
• Australian trade balance registered a trade deficit of -2,460M in July 2015, less than the forecast of -3,100M.

AUDJPY Technical Analysis
The Aussie Dollar making a nice attempt to trade higher against the Japanese Yen, but there are many hurdles aligned on the upside for the AUDJPY pair. There are a couple of bearish trend lines formed on the hourly chart, which are waiting to act as a barrier if the pair moves higher from the current levels.

Moreover, the 50% Fib retracement level of the last drop from the 86.45 high to 83.62 low is also around the trend line resistance area. There is an ascending channel formed on the hourly chart, which is acting as a catalyst for an upside move.

As long as the pair is trading inside the highlighted channel, there are chances of it trading higher. A break below it could ignite the downside pressure once again.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[FxBinaryPoint]

Nice analysis

 

[titanfx]

NZDUSD Crushed After RBNZ Cuts Rate

Key Highlights
• New Zealand Dollar was crushed earlier during the Asian session against most major currencies.
• RBNZ Interest Rate Decision was the reason, as the central bank reduced the interest rates from 3% to 2.75% as expected.
• New Zealand Electronic Card Retail Sales as reported by Statistics New Zealand posted an increase of 4.2% in August 2015, compared to August 2014.
• Chinese Consumer Price Index is released by the National Bureau of Statistics of China increased by 05% in August 2015, more than the forecast of 0.4%.

NZDUSD Technical Analysis
The New Zealand Dollar moved lower sharply against the US Dollar, and fell by more than 100 pips. The NZDUSD pair broke a couple of important support area including the 100 simple moving average and a bullish trend line on the hourly chart.

The pair traded as low as 0.6255, and currently making an attempt to correct higher. However, it might find resistance around the 38.2% Fib retracement level of the last drop from the 0.6424 high to 0.6255 low which is aligned with the 100 hourly SMA.

On the downside, an initial support area can be around the last low 0.6255. A break below it could take the pair towards the 0.6220 support area.

RBNZ Interest Rate Decision
Earlier today, there were many important releases lined up, including the RBNZ Interest Rate Decision. The central bank reduced the interest rates from 3% to 2.75%, which was expected by the market. This was definitely negative for the Kiwi dollar and ignited a downside move in the NZDUSD pair.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD Hesitates; Trade Near a Critical Juncture

Key Highlights
• New Zealand Dollar traded lower recently against the US Dollar, but found support near 0.6235.
• The NZDUSD pair is currently trading near a major resistance area, which holds the key for more gains.
• New Zealand Trade Balance released by the Statistics New Zealand posted a trade deficit of $-1,035M in August, compared with the forecast of $-850M.

NZDUSD Technical Analysis
As mentioned earlier, there was a downside reaction in NZDUSD taking it towards the 0.6230-40 support area where buyers just managed to prevent the downside. The pair is currently trading higher, and facing hurdle near a couple of bearish trend lines on the hourly chart.

Moreover, the 23.6% Fib retracement level of the last drop from the 0.6455 high to 0.6234 low is also around the current trading levels. A break and close above the same might take the pair towards the 38.2% Fib level.

On the downside, the most important support is near the last low at 0.6235. A break below it could take the pair towards the all-important 0.6200.

New Zealand Trade Balance
Earlier during the Asian session, the New Zealand Trade Balance, which is a measure of balance amount between import and export was released by the Statistics New Zealand. The market was a trade deficit of $-850M in August 2015, compared with the preceding month. However, the outcome was on the lower side, as the trade deficit came in at $-1,035M.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDCHF – Break Near?

Key Highlights
• US Dollar is slowly moving higher against the Swiss Franc and looks set for a break in the near term.
• There is a bullish trend line formed on the hourly chart, which might act as a catalyst.
• Chinese official non-manufacturing PMI, released by China Federation of Logistics and Purchasing (CFLP) posted a reading of 53.4 in September, unchanged from the last reading.

USDCHF Technical Analysis
The US Dollar after trading close to the 0.9680 support area against the Swiss Franc managed to recover some ground. There was an upside move noted, and there is a bullish trend line formed on the hourly chart, acting as a catalyst for more gains.

However, there is also a bearish sign to note, as the USDCHF pair is below the 100 and 200 hourly simple moving averages. So, if the pair breaks the trend line and support area then we might witness a move lower may be towards the 61.8% Fib retracement level of the last leg from the 0.9686 low.

On the upside, buyers need to take the pair above the 100 MA. If they manage to do so, then more gains are possible in the near term.

Chinese Non-Manufacturing PMI
Earlier during the Asian session, China saw a couple of important economic releases. First, the official non-manufacturing PMI, which is based on a survey of about 1,200 companies covering 27 industries including construction, transport and telecommunications was reported by China Federation of Logistics and Purchasing (CFLP). The outcome was in line with the forecast, as the official non-manufacturing PMI came at 53.4 in September 2015, unchanged from the last reading.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPUSD – Double Top or Break Higher?

Key Highlights
• There was a solid US Dollar weakness noted across all the major pairs, including GBPUSD.
• The GBPUSD pair moved higher, but it is currently facing a major resistance around 1.5240.
• UK British Retail Consortium (BRC) Shop Price Index posted a decline of 1.9% in September 2015, compared with the last reading of -1.4%.

GBPUSD Technical Analysis
As mentioned there was a nice upside reaction in the GBPUSD pair, taking it above the 1.5200 resistance area. However, the pair is currently facing a monster resistance around the previous swing high of 1.5240.

There are two scenarios possible:
1. First, the pair breaking above the resistance area and trading towards the 1.5300 area. Buyers need to step in for this one and outpace sellers.
2. The GBPUSD pair might fail to break above 1.5240, and moves down. In that situation, there will be a chance of it creating a double top pattern, which might be a bearish call.

Overall, we can say that the GBPUSD pair is trading near a major resistance area. Traders need to wait for a few hours to see which way the price moves. A break above 1.5240 may be a bullish call.

UK British Retail Consortium (BRC) Shop Price Index
Earlier during the Asian session, the UK British Retail Consortium (BRC) Shop Price Index, which helps in calculating the price changes in the popular retail outlets in the UK was published. The outcome was mixed, as there was a decline noted of 1.9% in September 2015, compared with the preceding month.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPCHF Next Leg Lower Underway?

Key Highlights
• British Pound managed to gain bids against the Swiss Franc, which as a result took the GBPCHF pair higher.
• A bearish trend line on the hourly chart was broken by buyers to set the pace for more upsides.
• In Australia, the National Australia Bank Business Confidence posted a decline from the last reading of 4 to 0 in Q2 2015.

GBPCHF Technical Analysis
The British Pound climbed higher against the Swiss Franc, and traded towards the 1.4850 resistance area. There was a bearish trend line formed on the hourly chart, which was breached during the upside drift.

Currently, the pair is correcting lower and finding buyers around the 50% Fib retracement level of the last leg from the 1.4700 low to 1.4850 high. In short, the pair found support near the broken trend line sitting with the 100 hourly simple moving average.

There is also a bullish trend line on the hourly chart, which is likely to provide support to the GBPCHF pair if it continues to move lower from the current levels. On the upside, a break above the last high is required for buyers to take the pair further higher. The hourly RSI is above the 50 level, which is a positive sign for buyers.

UK Retail Sales
Today an important release is lined up in the UK, as the Retail Sales, which measures the total receipts of retail stores will be reported by the National Statistics. The forecast is lined up for an increase of 0.4% in September 2015, compared with the preceding month.

If the outcome is positive, it might lift the market sentiment and help the GBPUSD and GBPCHF pair moving ahead.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

Fed Interest Rate Decision Aftermath and Analysis on GBPJPY

Key Highlights
• British Pound suffered losses recently not only against the US Dollar, but also against the Japanese Yen.
• GBPJPY pair traded lower and looks set for more losses as there are many hurdles on the way up for the pair.
• In New Zealand, the RBNZ Interest Rate Decision was announced by the Reserve Bank of New Zealand in which the central bank made no changes in the interest rates.
• Fed interest rate decision was the highlight of yesterday which helped the US Dollar to gain some traction.

GBPJPY Technical Analysis
The British Pound faced a lot of selling pressure against the Japanese Yen, as the GBPJPY pair traded lower towards the 184.00 area. There are a couple of bearish trend lines formed on the hourly chart, which are acting as a barrier for buyers and stalling gains.

Recently, the pair made an attempt to trade higher, but found resistance around the first bearish trend line. It was also coinciding with the 50.0% Fib retracement level of the last drop from the 186.0 high to 183.89 low.

Moreover, the 100 and 200 hourly simple moving averages are also positioned around the trend line and resistance area to act as a hurdle.

Fed Interest Rate Decision Aftermath
Yesterday, during the NY session, the Board of Governors of the Federal Reserve announced the interest rate. The central bank decided to keep the interest rates at 0.25%. The most important point to note from the release was the fact that the US Federal Reserve came out a bit hawkish this time, which helped the US Dollar and took it higher against most major currencies. The FOMC statement highlighted that officers had an insight on the latest weak employment figures. Overall, the statement was favoring the US Dollar and so was the reaction.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

EURJPY – Euro Positioning For More Declines?

Key Highlights
• Euro weakened against the Japanese Yen recently, and broke an important support area to trade lower.
• The EURJPY pair has many resistance areas on the way up, pointing towards more losses moving ahead.
• German Factory orders will be released by the Deutsche Bundesbank today, which is forecasted to gain by 1% in September 2015.
• Today, the BoJ Monetary Policy Meeting Minutes were released, which failed to help Yen against the other currencies.

EURJPY Technical Analysis
The Euro failed to gain traction against a basket of currencies, including the Japanese Yen that resulted in a downside move. The EURJPY pair traded lower recently, and also cleared an important triangle formed on the hourly chart to set the tone for more declines in the short term.

The EURJPY pair traded as low as 131.83, and currently making an attempt to correct higher. It won’t be easy for buyers to take the pair higher, as there are many barriers formed on the upside starting with the 23.6% Fib retracement level of the last drop from the 132.89 high to 131.83 low.

Moreover, there is a confluence resistance area forming near the 100 hourly simple moving average, as there is a bearish trend line siting near it to act as a hurdle for gains.

BoJ Monetary Policy Meeting Minutes
Today during the Asian session, the BOJ Monetary Policy Meeting Minutes, which the Bank of Japan publishes as a study of economic movements in Japan after the actual meeting were released.

There was nothing much to note from the minutes, which in turn failed to ignite a swing move in the Yen pairs. However, on the other hand, there was a minor downside reaction in a few Yen pairs.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPAUD – Aussie Dollar Surges Higher Post Employment Report

Key Highlights
• There was a sharp upside reaction in the Aussie Dollar, as the Australian employment report released earlier today posted impressive figures.
• Australian Employment Change released by the Australian Bureau of Statistics came in at 58.6K in October 2015, which was more than the forecast of 15K.
• Australian Unemployment Rate dipped from 6.2% to 5.9% in October 2015.
• Australian participation rate, representing the percentage of the total number of people of labour-force registered a reading of 65%.

GBPAUD Technical Analysis
The Aussie Dollar gained heavily after the employment report was published. There was an upside channel formed on the hourly chart of the GBPAUD pair, which was cleared by the Aussie Dollar buyers to set the pace for more gains.

The GBPAUD pair has now settled below the 100 and 200 hourly simple moving average, which is a bearish sign and might take the pair further lower in the near term.

Any correction from the current levels may find resistance around the 100 hourly simple moving average, which is sitting near the 38.2% Fib retracement level of the last drop from the 2.1571 high.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD Surged Higher and Looks Poised For Gains

Key Highlights
• New Zealand Dollar enjoyed a solid bullish run against the US Dollar and traded above a monster resistance area.
• The NZDUSD pair cleared a critical bearish trend line on the hourly chart, along with the 100 hourly moving average.
• New Zealand Producer Price Index Output released by the Statistics New Zealand posted an increase of 1.3% in Q3 2015, which was higher compared with the last decline of 0.2%.
• Similarly, New Zealand Producer Price Index Input rose 1.6% in Q3 2015, more than the last decline of 0.3%.

NZDUSD Technical Analysis
The NZDUSD pair traded higher during the Asian session, as the risk sentiment was boosted. There was a bearish trend line formed on the hourly chart of the NZDUSD pair, which was broken during the upside drift along with the 100 moving average.

Overall, there are many positive signs for the pair emerging, as the pair settled above an important resistance area of 0.6500.

If the pair moves lower from the current levels, then the 200 hourly MA may provide support, followed by the 100 MA.

New Zealand PPI
The New Zealand Producer Price Index, which is a measurement of the rate of inflation experienced by producers was released by the Statistics New Zealand. The market was not expecting any major increase in the input. However, the outcome was above the forecast, as the New Zealand PPI Input increased by 1.6% in Q3 2015, which was a lot higher compared with the last decline of 0.3%.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD – Recent Break Points toward More Gains

Key Highlights
• New Zealand Dollar recently managed to break an important bearish trend line on the 4-hours chart, which cleared the way for more upsides.
• The pair also settled above the 100 simple moving average (4H), which is a positive sign.
• New Zealand Trade balance, released by Statistics New Zealand posted a trade deficit of $-3.24B in October 2015, compared with the forecast of a $-3.37B deficit.

NZDUSD Technical Analysis
The New Zealand Dollar after declining towards 0.6420 support area managed to gain bids and started correcting higher. There was a major bearish trend line on the 4-hours chart, which was breached by buyers to take the NZDUSD pair higher.

The most important and a bullish sign to note is the fact that the pair closed above the above the 100 simple moving average (4H). It is a sign that the trend may have changed and the pair could trade higher.

The 4H RSI is also above the 50 level, suggesting buyer’s sentiment has improved. The next target on the upside can be around the 200 MA (4H).

New Zealand Trade Balance
Earlier during the Asian session, the Trade balance, which is the difference between the value of country's exports and imports, over a period of year was released by Statistics New Zealand. The market was expecting a trade deficit of $-3.37B in October 2015, compared with the same month a year ago. However, the outcome was positive, as the trade deficit was less and came in at $-3.24B.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDJPY Sellers Looking To Take Pair Lower?

Key Highlights
• Aussie Dollar struggled to break the 90-40-50 resistance area against the Japanese Yen, and formed a topping pattern.
• There was a support trend line formed on the hourly chart of the AUDJPY pair, which was breached to clear the way for more losses.
• Australian trade balance released by the Australian Bureau of Statistics registered a trade deficit of -3,305M, more than the forecast of - -2,665M in October 2015.
• AIG Performance of Services Index released by the Australian Industry Group posted a decline from the last reading of 48.9 to 48.2.

AUDJPY Technical Analysis
As mentioned the AUDJPY pair topped near the 90.-40-50 resistance area, and after that sellers even managed to break an important bullish trend line on the hourly chart.

Currently, the pair is trading near the 38.2% Fib retracement level of the last move from the 88.87 low to 90.46 high. There is a chance that the pair may head towards the 50% Fib level in the short term.

Interesting Read - USDCHF FOLLOWING A DESCENDING CHANNEL; BREAK LIKELY?


On the upside, broken trend line and support area may now act as a hurdle for buyers with resistance around 90.00-10.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD Surges Higher as Employment Improved in Australia

Key Highlights
• Australian Dollar rocketed higher during the Asian session today, as the employment report released in Australia was impressive.
• Australian Employment Change released by the Australian Bureau of Statistics posted an increase of 71.4K in November 2015, whereas the market was expecting a decline of -10K.
• The Unemployment Rate dipped from the last reading of 5.9% to 5.8%.
• AUDUSD pair climbed higher and cleared an important resistance trend line for an upside move.

AUDUSD Technical Analysis
The AUDUSD pair after finding bids near 0.7170 started to consolidate in a range, and after the employment report was released it spiked higher. There was a bearish trend line on the hourly chart, which was broken to open the doors for more upsides in the near term.

The pair also cleared an important confluence resistance area of 100 and 200 simple moving average sitting with the 50% Fib retracement level of the last drop from the 0.7385 high to 0.7170 low.

Currently, the pair is finding offers near the 76.4% Fib level, and it looks like it may correct lower. The hourly RSI is moving away from the overbought levels signaling a correction.

Interesting Read – Forex Trader’s Health: What is Your Body Telling You?

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

US Dollar Gains as Fed Raised Interest Rates

Key Highlights
• Fed increased the interest rates from 0.25% to 0.5%, as forecasted and as a result, the US Dollar rocketed higher.
• EURUSD and GBPUSD dived down and USDCAD traded higher.
• The upside in the USDCAD pair was contained by the 1.3850 resistance area, which acted as a barrier.
• In New Zealand, the Gross Domestic Product released by the Statistics New Zealand posted an increase of 0.9% in the third quarter of 2015, more than the forecast of 0.8%.

USDCAD Technical Analysis
The USDCAD was also benefited after the Fed interest rate decision. There was a sharp spike noted in USDCAD, but the pair failed to clear the 1.3850 resistance area and currently consolidating in a range.

There is a bullish trend line formed on the hourly chart, which is acting as a support and preventing the downside move. The hourly RSI is above the 50 level, which is a positive sign for bulls in the near term.

A break above the recent high could ignite another rally in the USDCAD pair, taking it higher moving ahead.

Fed Interest Rate Decision
So, finally the fed opted to raise the interest rates to end their 7-year long crisis stance. The US Dollar buyers enjoyed the outcome and took the greenback higher against most major currencies.

EURUSD was crushed, and it looks like the pair is heading towards the 1.0820 support area.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDJPY Testing Significant Resistance

Key Highlights
• Aussie Dollar climbed higher during the past session against the Japanese Yen, but facing a major resistance area.
• There is a bearish trend line formed on the hourly chart of AUDJPY, which is preventing an upside break.
• Australian Conference Board Australia leading Index released by the Conference Board posted a decline of 0.1% in October 2015, a bit less than the last -0.3%.
• BOJ Meeting Minutes were released earlier during the Asian session, which failed to help the Japanese Yen.

AUDJPY Technical Analysis
The Aussie Dollar managed to recover from the 87.13 low against the Japanese Yen, and currently trading higher. There is a bearish trend line formed on the hourly chart of AUDJPY, which is acting as a barrier for buyers and preventing the upside move.

The highlighted trend line and resistance area acted as a barrier on a number of occasions, and may continue to do so. If buyers succeed in taking the pair above the trend line and resistance area, then more gains are feasible.

The next stop on the upside can be seen around the 88.00 level. No doubt, there are many positive signs, which can lead to a break higher in the pair.

On the downside, the 200 hourly simple moving average may act as a support area, as it is coinciding with the 38.2% Fib retracement level of the last leg from the 87.13 low to 87.58 high. The hourly RSI is above the 50 level, which is a bullish sign for bulls.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDCHF – Important Trend Line Resistance

Key Highlights
• US Dollar failed to trade above the 0.9940-50 resistance area and moved lower against the Swiss Franc.
• There is a major bearish trend line and resistance zone formed on the hourly chart for the USDCHF pair.
• Today, the US Initial Jobless Claims will be released by the US Department of Labor, which is forecasted to rise from the last reading of 267K to 270K.
• Earlier during the Asian session, the Australian Private Sector Credit released by the Reserve Bank of Australia posted an increase of 0.4% in October 2015, less than the forecast of 0.6%.

USDCHF Technical Analysis
As mentioned the USDCHF pair struggled to break the 0.9940-50 resistance area and traded lower. The pair settled below the 100 and 200 hourly simple moving average, which is bearish sign and may take it further lower.

There was a bearish trend line formed on the hourly chart, which is acting as a barrier for buyers and igniting a downside rally every time the pair attempts to move higher.

On the downside, the recent low of 0.9855 holds the key, as a break below the stated level may call for more losses in the near term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'