Market updates on November 20

Market updates on November 20

Key events ahead:

Chinese Loan Prime Rate 1Y – 03:30 MT time (01:30 GMT)

Canadian Inflation Rate YoY – 15:30 MT time (13:30 GMT)

American FOMC Minutes – 21:00 MT time (19:00)

  • The US dollar has been rising against the Chinese yuan since Monday and seems to continue the same direction today. On the H1 chart of USDCNH, the 50-period Moving Average crossed the 100-period bottom-up yesterday, and the Parabolic SAR confirms the current uptrend. The resistance levels of 7.0360 and 7.0512 will be checking this scenario. However, the Chinese officials are reported to have expressed today once again their discontent with the US meddling into the Hong-Kong affairs. This should create additional volatility and pressure down on the USDCNH in the context of endless obstacles in reaching a trade truce between the US and China. For the bearish direction, the support levels of 7.0320, 7.0230 and 7.0150 may be placed.USDCNHH1.png
  • The CAD started the day with the correction course. On the H1 chart of CADJPY, it has dropped to the support level of 81.64, which was touched last Thursday. After that, the price showed a slight upswing. At the same time, the RSI crossed the 30% level bottom-up. This may be a good signal of the bullish takeover. For the upward direction, the resistance levels may be placed at 81.83 and the range of 82.40-82.50. The downtrend scenario may have 81.64 and 81.50 as the support levels.CADJPYH1.png
  • Against the Swiss franc, the US dollar has started weakening on Tuesday. On the H1 chart of USDCHF, the price touched the 0.9918 high, marking the local resistance level, and has been dropping since then. The bears need to watch the MACD and Awesome Oscillator crossing the zero line. Once it is done, the USD will likely aim at the support levels of 0.9895 and 0.9877.USDCHFH1.png

 

 

 

Similar

Latest news

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera