Market updates on September 26

Market updates on September 26

Key events ahead:

Speech by the ECB President Mario Draghi – 16:30 MT (13:30 GMT) time

Speech by the BOE Governor Mark Carney – 16:45 MT (13:45 GMT) time

Speech by the FOMC member Bullard – 17:00 MT (14:00 GMT) time

Speech by the FOMC member Clarida – 18:45 MT (15:45 GMT) time

Rate decision by the Central bank of Mexico – 21:00 MT (18:00 GMT) time

  • EUR/USD has been falling. The pair has tested the ground below the 1.0936 level. The next support for bears lies at 1.0925. After reaching it and breaking, the pair will fall until the lower border of the descending channel and the 1.0890 level will be reached. From the upside, the first resistance will be placed at 1.0964. The next level in focus will lie at 1.0994 (upper border of the descending channel). RSI is about to enter the oversold zone.

EURUSDH4.png

  • The cable bounced from the 100-period SMA at 1.2373 on H4 and started to fall. If it continues to slide, the support at 1.2314 will be targeted. Further key levels in bears' attention will be placed at 1.2281 and 1.2233. If the pair reverses, the retest of the 1.2373 level seems likely. The next resistance will be placed at 1.2437. If we look at oscillators, we can see that RSI is moving within the oversold zone. If it leaves this zone, it may provide a buying opportunity.

GBPUSDH4.png

  • USD/MXN is consolidation on H4 ahead of the interest rate decision by the Central bank of Mexico at 21:00 MT. According to forecasts, the bank will cut its interest rate from 8% to 7.75%. The decision is priced in, that is why we may expect the USD/MXN pair to fall right after the announcement. After the recent gains, the pair has been trading above the 100-period SMA, close to the resistance at 19.5870. Further resistance levels will be situated at 19.6340 and 19.6734. If USD/MXN break the support at 19.5335, bears will pull it lower to the 19.4787 level. RSI is about to enter the overbought zone.

USDMXNH4.png

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