Daily Market Analysis

After EUR/USD broke the 1.1180/1.1070 range to the downside, it has been trading within the short-term downtrend.

Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.

Will the new ECB president continue the monetary policy of Mario Draghi or there will be a new direction? We discuss what changes Christine Lagarde may bring to the Eurozone and how it may affect the euro.

USD/CAD firstly formed a bullish “engulfing” candlestick on the W1 and then confirmed the upside by the following strong bullish candlestick.

A bearish “engulfing” pattern was formed on the W1 chart of NZD/USD around the 38.2% Fibonacci retracement level of the July-October decline.

Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential

GBP/USD formed a lower high at the start of this month, pressured by the strong resistance in the 1.30 area.

Despite the overall positive sentiment for stocks, the stock of PepsiCo has experienced a substantial decline this week.

USD/CNH has been steadily declining since the start of October on hopes that the United States and China would take steps towards some kind of a trade deal.

Technical analysis of the USD/CAD

USD/CHF is supported by the 50-day MA at 0.9917. The doji candlestick that formed on the D1 yesterday signals the market uncertainty.

EUR/NZD formed a number of candlesticks with long lower wicks on the D1 - a sign that there’s demand for the euro around 1.7300.