The EUR/USD pair remains on the bids as the latest China trade data reinforced risk-aversion across the financial markets with the Asian equities accelerating losses and thus supporting the demand for the safe-haven in the euro.
However, the gains are restricted in the major as markets now await the ZEW figures from Germany and the Eurozone later this session. Besides, the main currency pair will also track the sentiment on the European indices.
Gold added almost $9 to reach 1164.80 trading well over its support levels on the US holiday. There are several Federal Reserve speakers due today, as traders try to figure out what and when the Fed will act.
The UK will release inflation data for September later on this morning and just as the Bank of England warned last week, we’re expecting no change in prices compared to the same month last year.
Trading quote of the day: The easiest thing to do is prepare. If you don’t, on behalf of the other market participants, we thank you.
USDCAD
Pivot: 1.295
Likely scrnario: Long positions above 1.295 with targets @ 1.307 & 1.312 in extension.
Alternative scenario: Below 1.295 look for further downside with 1.29 & 1.285 as targets.
Comment: The RSI is well directed.
USDCHF
Pivot: 0.9655
Likely scenario: Short positions below 0.9655 with targets @ 0.958 & 0.955 in extension.
Alternative scenario: Above 0.9655 look for further upside with 0.969 & 0.973 as targets.
Comment: The upward potential is likely to be limited by the resistance at 0.9655.
OIL
Pivot: 48.34
Likely scenario: Short positions below 48.34 with targets @ 46.4 & 45.7 in extension.
Alternative scenario: Above 48.34 look for further upside with 49.13 & 50.15 as targets.
Comment: As long as 48.34 is resistance, likely decline to 46.4.
DAX
Pivot: 9907
Likely scenario: Long positions above 9907 with targets @ 10220 & 10340 in extension.
Alternative scenario: Below 9907 look for further downside with 9725 & 9584 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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