Market Update by Solidecn.com

[Solid ECN]

GBPUSD Under the Negative Pressure

The GBPUSD pair faced strong negative pressure yesterday, as it broke 1.1510 level and decline to reach 23.6% Fibonacci level at 1.1326 direct, noticing that the price begins to rebound bullishly by today’s open, to hint heading to recover again and regain the bullish trend. Therefore, we suggest witnessing positive trades in the upcoming sessions, supported by the positive overlapping signal provided by stochastic, noting that breaking 1.1326 will press on the price to suffer new losses and head towards the next correctional level at 1.1130.



The expected trading range for today is between 1.1320 support and 1.1500 resistance, and the expected trend for today is Bullish.

[Solid ECN]

EURUSD tests the support

The EURUSD pair traded negatively on yesterday’s evening to test the key support 1.0, keeping its stability above it, accompanied by witnessing clear positive signals through stochastic now, while the EMA50 continues to provide the positive support to the price. Therefore, these factors encourage us to keep our bullish overview that its next target located at 1.0185, noting that breaking 1.0 will stop the positive scenario and press on the price to turn to decline.



The expected trading range for today is between 0.9950 support and 1.0120 resistance, and the expected trend for today is Bullish.

[Solid ECN]

CAC 40 - French stock market continues to rise

One of the leading indexes of the European economy CAC 40 continues its upward correction in the area of 6418, which was supported by yesterday's macroeconomic report: according to September data, French Exports rose to 52illion euros from 51.88 billion euros in August, while Imports rose to 69.5 billion euros from 67.1 billion euros.



On the daily chart of the asset, quotes continue to trade within the descending corridor, approaching the resistance line.

Support levels: 6330, 6030 | Resistance levels: 6550, 6830

[Solid ECN]

USDJPY surpasses the first target

The USDJPY pair resumed its negative trading clearly to surpass our first target at 146 and settles below it, confirming the continuation of the bearish trend domination, and the way is open to head towards our next negative target at 144.2. Therefore, we are waiting for more expected decline in the upcoming sessions, organized inside the correctional bearish channel that appears on the chart, noting that holding below 147.17 is important to continue the bearish trend.



The expected trading range for today is between 144.40 support and 146 resistance, and the expected trend for today is Bearish.

[Solid ECN]

Dollar Heads to more Losses Amid Geopolitical Uncertainty

Dollar fell against most major rivals on Tuesday amid geopolitical uncertainty, coinciding with today's US mid-term Congressional elections. Most analysts expect the Republican party to win most seats in this election, moving aside the Democrats from their current majority. Later this week, important US inflation data will be released and will provide clues on the Federal Reserve's next monetary policies.



The Federal Reserve decided last week to increase interest rates by 75 basis points as expected, the fourth such increase in a row to control inflation. The dollar index fell 0.4% to 109.6 as of 18:36 GMT, with an intraday high at 110.6, and a low at 109.3.

[Solid ECN]

NZDUSD Achieves more Gains

The NZDUSD pair achieved our first positive target at 0.6 and bounced downwards temporarily from there, to attempt to gather the positive momentum, waiting to resume the bullish wave that targets 0.61 level as a next main station.



The EMA50 continues to support the price from below, to keep the bullish trend scenario valid and active conditioned by the price stability above 0.591. The expected trading range for today is between 0.591 support and 0.602 resistance, and the expected trend for today is Bullish.

[Solid ECN]

EURUSD resumes the rise

The EURUSD pair’s rise stopped near 1.0100 level, to show tight fluctuation in attempt to gain some new positive momentum, waiting to resume the bullish wave that targets 1.0180 as a next station.



Until now, the bullish trend scenario still valid for the upcoming period as long as 1 level remains intact, noting that the EMA50 continues to support the suggested bullish wave, which its targets extend to reach 1.0285 after surpassing the above mentioned level.

The expected trading range for today is between 1.0000 support and 1.0170 resistance, and the expected trend for today is Bullish.

[Solid ECN]

USDCHF hits the negative target

The USDCHF pair managed to touch the waited negative target at 0.990 and achieved negative close below it, to support the chances of continuing the bearish bias in the upcoming sessions, paving the way to head towards 0.9815 as a next target. Therefore, we expect to witness more decline today, noting that failing to consolidate below 0.9890 will lead the price to start intraday bullish wave that targets testing 0.9990 areas initially.



The expected trading range for today is between 0.9830 support and 0.9970 resistance, and the expected trend for today is Bearish.

[Solid ECN]

Dollar widens losses ahead of mid-term elections

Dollar fell against most major rivals on Monday as risk appetite oscillates, losses mount ahead of Congressional elections. Tomorrow, the mid-term elections for both houses of Congress will be launched, with the Republican Party expected to remove Democrats from their current majorities.

• Important US inflation data will be released later this week, and will help investors predict future Fed steps.
• Recent US data released last week showed the economy added 261 thousand jobs in October, while analysts expected an addition of 220 thousand.
• US unemployment rose to 3.7% last month from 3.5% in September, while analysts expected 3.6%.
• The Fed decided last week to raise interest rates by 75 basis points as expected.
• The dollar index fell 0.6% to 110.2 as of 18:25 GMT, with a session-high at 111.2, and a low at 110.1.

[Solid ECN]

GBPJPY Records Some Targets

The GBPJPY pair succeeded to breach 166.80 level, to form strong bullish rally and notice achieving many positive targets by touching 169.10 level, while the price might form sideways fluctuation until gathering the additional positive momentum that will assist to resume the rise and reach the additional targets near 169.65 and 170.50.



The above chart shows that stochastic begins to form bullish waves to approach 50 level, to increase the chances of gaining the required positive momentum to achieve the suggested targets.

The expected trading range for today is between 167.80 and 169.65, and the expected trend for today is Bullish.