DAILY MARKET REVIEW — 21/12/2016
Traders are waiting for tomorrow’s US statistic
The pair fell somewhat yesterday asmost market participants chose to take profits. Additionally, Canadian wholesale sales came out better than expected and provided further support to Canadian dollar.
Today, U.S. existing home sales will be published at 15:00 (GMT). Additionally, traders will pay attention to dynamics in the oil market.
Resistance: 1.33924, 1.34326, 1.34633
Support: 1.33526, 1.33158, 1.32743
The Swiss franc continued to fall yesterday on the background of news about Russian Ambassador murder. This led to a weakening of all European currencies.
Meanwhile, Switzerland trade balance exceeded analysts’ expectations and helped franc.
Today there will be no important news, so traders are waiting for tomorrow data on US labor market, orders for durable goods and the final estimate of US GDP for Q3 2016.
Resistance: 1.03118, 1.03406, 1.03700
Support: 1.02547, 1.02200, 1.01812
All three major US stock indexes recorded slight increases yesterday. At the same time the Dow and NASDAQ are very close to historical highs. However, trading volumes are still very low, as investors are preparing for the Christmas holidays. Nevertheless, attacks in Germany and Turkey also impacted the markets.
Meanwhile, traders are focused on US Federal Reserve monetary policy and on Trump’s first steps as president.
Resistance: 4965.00, 4981.00, 4996.49
Support: 4936.00, 4916.96, 4896.31
Gold dropped significantly during yesterday’s session as many are abandoning the precious metal. The reason for such dynamics is also the expectation of a stronger global economic growth as well as higher levels of interest rates in the United States.
Today, gold will probably continue its downward trend.
Resistance: 1142.14, 1150.92, 1156.81
Support: 1129.16, 1122.42, 1114.31