Daily Market Review — 26/09/2016

Daily Market Review — 26/09/2016

 

Central Banks Chairman’s statements for Swiss, Canada and Eurozone will be the main events today

 

Forex

USD/CHF

USDCHF

The pair showed moderate growth last Friday after Boston Fed’s President Eric Rosengren statement. The Chairman argued that interest rates should be raised gradually and warned that a fall in the unemployment rate below its sustainable level could derail economic recovery in the United States. Meanwhile, weak data on US manufacturing PMI put some pressure on the USD/CHF pair.

Today, Swiss National Bank’s Governing Board Chairman, Thomas Jordan, will give a speech. Most likely, this will impact the markets. Later today, at 14:00 (GMT), new data on the US new home sales will be published.

Resistance: 0.97093, 0.97328, 0.97566
Support: 0.96823, 0.96594, 0.96411

EUR/CAD

EURCAD

The pair showed an upward trend during Friday’s trading.

Consumer prices in Canada fell by 0.2% in August, against the analysts’ expectations for a 0,1% growth. Retail sales also registered a decline both in the annual and monthly terms.

Today, the dynamics of the pair will depend on ECB’s and Canada’s presidents statements. Mario Draghi’s speech is scheduled for 14:00 (GMT), while Stephen Poloz’s is scheduled for 23:10 (GMT)

Resistance: 1.48164, 1.48627, 1.49192
Support: 1.47453, 1.46854, 1.46135

 

Stock Market

Facebook Inc (FB)

Facebook

As it turned out last Friday, Facebook had been overestimating the average viewing time of video ads for the past two years.

Subsequently, the company’s shares lost about 1.63% on the day of the announcement.

Resistance: 128.77, 129.28, 129.90
Support: 127.29, 126.60, 125.89

 

Commodities

Brent Oil Futures

BrentOil

Prices dropped more than $ 2 at the end of Friday’s trading day. This was due to investors being cautious before the start of the International Energy Forum in Algeria.

Most investors do not believe that the OPEC countries will agree to freeze the production volumes. Even if this decision is taken, it will in no way cause the oil-producing countries to reduce the already achieved production volumes.

Resistance: 46.98, 47.43, 48.00
Support: 46.22, 45.65, 45.06

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