4HTF – shows us a local downtrend. A possible double bottom pattern with our 23.6 Fibo level working great as the confirmation line for a reversal to the upside.
On Fiday the pair broke the 38.2 Fibo level UP, this was due to better than expected Employment readings from the US. The price is currently travelling near our local trend line, and if the price breaks this trend line up will give us a target level at our 50% Fibo correction 0.99524 and possibly higher in the area of 1.00133.
We also have to consider the second possible scenario – the price will rebound from the local trend line and move down. A break of the 38.2 Fibo level to the downside can act as a confirmation signal with possible target area of 0.98160, which is the 23.6 Fibo level.
FUNDAMENTALLY: The economic calendar is quite active for the United States this week. FOMC members are schedule to have several meetings and speeches throughout the week. Hints dropped during the speeches about monetary policy can have an effect on the USD.
On Tuesday keep an eye out on Swiss Unemployment Rate.
As far as the US goes, watch the JOLTs Job Openings report on Tuesday. Crude Oil Inventories on Wednesday. CPI on Thursday and PPI on Friday.
On Fiday the pair broke the 38.2 Fibo level UP, this was due to better than expected Employment readings from the US. The price is currently travelling near our local trend line, and if the price breaks this trend line up will give us a target level at our 50% Fibo correction 0.99524 and possibly higher in the area of 1.00133.
We also have to consider the second possible scenario – the price will rebound from the local trend line and move down. A break of the 38.2 Fibo level to the downside can act as a confirmation signal with possible target area of 0.98160, which is the 23.6 Fibo level.
FUNDAMENTALLY: The economic calendar is quite active for the United States this week. FOMC members are schedule to have several meetings and speeches throughout the week. Hints dropped during the speeches about monetary policy can have an effect on the USD.
On Tuesday keep an eye out on Swiss Unemployment Rate.
As far as the US goes, watch the JOLTs Job Openings report on Tuesday. Crude Oil Inventories on Wednesday. CPI on Thursday and PPI on Friday.