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USD/JPY sells off but then storms back above 113

al_dcdemo Posted 20 Oct.  in #Trader's blog #Support #Resistance #USD/JPY #D1 Chart #U S Tax Reform #Catalonia
During a bout of risk-off yesterday, USD/JPY fell on news that Spain's cabinet will suspend Catalan autonomy on Saturday, but there was no follow through. The pair recouped all losses and surged to a new weekly high overnight as U.S. senate approved budget plan that moves them closer to tax reform.
The pair is currently trading just above 113. The initial resistance is at 113.40 where the declining 2017 trendline coincides with last week's high. If that gives way, 114 will come into focus. 112.7…
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USD/CHF fails above 0.98

al_dcdemo Posted 11 Oct.  in #Trader's blog #Euro #Support #Resistance #USD/CHF #North Korea #Fake Breakout #U S Dollar #D1 Chart #Catalonia
U.S. dollar has been a laggard so far this week while euro gained some traction after it reclaimed 1.175. That's a recipe for Swiss franc gains while Catalan and North Korea crises still simmer in the background.
USD/CHF broke above both 200 DMA and 0.98 last week and touched 2017 trendline but sellers were waiting and took the pair back below both levels. 0.97 is the next target and then 100 and 50 DMA near 0.965. The mentioned 0.98 level should hold while sellers remain in the driver's seat.
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EURo starts the week well but will it last?

al_dcdemo Posted 10 Oct.  in #Trader's blog #Support #Resistance #EUR/USD #D1 Chart #German Politics #Catalonia
German chancellor Merkel made some concessions with regard to refugee politics yesterday while Catalonia didn't declare independence. EUR/USD rose about 40 pips in overnight trading. It followed that up as Europe opened for business and briefly traded above last Wednesday's high before pulling back.
Strong support in 1.165 - 1.17 band includes August low, 23.6% retracement of this year's uptrend and 100 DMA. If the support gives way, 1.15 will come into focus. On the upside, 1.18 is the initial …
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