The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Risk-off sentiment pushes safe-havens up
The comment by the US President Donald Trump resulted in the sell-off of the risk-weighted currencies in the market today and an increase of inflows into the safe-haven assets. Of course, those actions were provoked by Trump's suggestion that the US-China trade deal seems unlikely to be reached until the next year's elections.
- USD/JPY has slid below the 200-period SMA and managed to stick below the ascending trendline on H4. If bulls want to push the pair within the uptrend, they will need gear to test the 108.8 level (200-period SMA). If this level is broken, buyers will push the pair higher to the 109.01 level. The key targets from the downside lie at 108.65 and 108.5.
USD/CHF has broken the ascending trendline on H4 and has been moving towards November’s support at 0.9872. After the breakout, bears need to pay attention to the 0.9850 level. As the RSI and stochastic oscillators are oversold, we may suggest that bulls may try to push the pair above the uptrend and test the 0.9896 level. The breakout of this level may push the pair higher to 0.9909.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).