Global macro overview for 26/09/2017

Global macro overview for 26/09/2017:

Recent remarks from the FOMC officials are questioning the Fed's point of view regarding inflation outlook. New York Fed President William Dudley comments were rather hawkish, as he justified his stance, saying that he sees inflation firming up and US economic growth holding steady at a moderate pace. He exactly said: "With a firmer import price trend and the fading of effects from a number of temporary, idiosyncratic factors, I expect inflation will rise and stabilize around the 2.0% objective over the medium term. In response, the Federal Reserve will likely continue to remove monetary policy accommodation gradually." On the other hand, voting member and Chicago Federal Reserve Bank President Charles Evans said yesterday, that continuing with interest rates hikes will be a "misstep." He said: "It's not obvious to me that this is such a transitory event that going to pop back up", so he clearly remains rather nervous about the inflation's outlook. He still doesn't rule out the possibility of a rate hike in the near future, but at the same time, he thinks the inflation's trend may remain uncertain and that in turn indicates that debate about monetary policy will roll on for some time now. In conclusion, the December interest rate hike is rather almost fully discounted by markets, but the future hikes are not that much certain as the inflationary pressures are still below the Fed projected target.

Let's now take a look at the US Dollar Index technical picture at the H4 time frame. The market has broken above the technical resistance at the level of 92.67 and it is currently heading towards the next resistance at the level of 93.35. strong rebound in momentum from the oversold market conditions supports the short-term bullish outlook.

analytics59ca54e2a576a.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for September 26, 2017

USDJPYM30.png

USD/JPY is expected to trade with a bullish outlook. The pair posted a rebound from 111.45 (the low of September 25), it is still trading above the uprising 20-period moving average, which plays a support role. The relative strength index is above its neutrality level at 50.

Therefore, as long as 111.45 is not surpassed, look for a further upside movement with targets at 112.30 and 112.55 in extension.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 111.45 with a target at 111.20.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 111.45, Take Profit: 112.30

Resistance levels: 112.30, 112.55 and 112.75 Support Levels: 111.20, 110.95, 110.80

The material has been provided by InstaForex Company - www.instaforex.com

USD/JPY analysis for September 26, 2017

analytics59ca4bb6d4ccf.png

Recently, the USD/JPY pair has been trading upwards. The price tested the level of 112.01. According to the 30M time frame, I found a breakout of the overnight trading range, which is a sign that buyers are in control. There is also a successful test of yesterday's low at the price of 111.45, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target are set at the price of 112.35 and 112.50.

Resistance levels:

R1: 112.35

R2: 112.95

R3: 113.40

Support levels:

S1: 111.30

S2: 110.85

S3: 110.25

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company - www.instaforex.com

GBP/USD analysis for September 26, 2017

analytics59ca49c561400.png

Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.3412. According to the 30M time frame, I found a downward breakout of a strong support cluster, which is a sign that sellers are in control. There is also a breakout of an intraday bearish flag, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3385 and 1.3260 (Fibonacci based target).

Resistance levels:

R1: 1.3550

R2: 1.3630

R3: 1.3690

Support levels:

S1: 1.3410

S2: 1.3350

S3: 1.3625

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for September 26, 2017

USDCHFM30.png

USD/CHF is expected to trade with a bullish outlook. The upside breakout of the 0.9675 former resistance area opened the way toward 0.9745. Indeed, the 0.9675 former resistance has been maintaining a bearish bias; as a consequence the upside breakout of this level is lowering the immediate corrective risk.

We Suggest long positions above 0.9675 with targets at 0.9745 and 0.9770 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 0.9675, Take Profit: 0.9745

Resistance levels: 0.9745, 0.9770, and 0.9795

Support levels: 0.9650, 0.9625, and 0.9775

The material has been provided by InstaForex Company - www.instaforex.com

Bitcoin analysis for September 26, 2017

analytics59ca46cec45bd.png

The Bitcoin (BTC) has been trading sideways at the price of $3.950. The U.S. Securities and Exchange Commission (SEC) declared this summer that initial coin offering (ICO) tokens were subject to federal securities laws. Just recently, the regulatory agency announced that it would hold an investor advisory committee meeting on October 12 to discuss the implications of blockchain technology for securities markets.

Trading recommendations:

According to the 1H time frame, I found strong resistance cluster at the price of $4.000. The strong support now became strong resistance, which is a sign that buying looks risky. There is also a testing of Fibonacci retracement 50% at the price of $3.495. My advice is to watch for potential selling opportunities. Downward targets are set at the price of $3.501 and $2.976

Support/Resistance

$3.945 – Intraday resistance (price action and Fibonacci)

$4.000 – Major cluster resistance (price action)

$3.482 – Intraday support (price action)

$3.500 – Pattern objective target

With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for September 26, 2017

GBPJPYM30.png

GBP/JPY is under pressure and expected to extend its downside movement. As long as the polarity level (former support now acting as a resistance) at 151.00 is not surpassed, the risk of the break below 149.70 remains high. Indeed, intraday technical indicators are lacking upward momentum and the declining 50-period moving average maintains a downside pressure.

As a consequence, below 151.00, a downside breakout of 149.70 is expected with next down targets standing at 149.15 and 148.45.

Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 151.00 with the target at 151.80.

Strategy: BUY, Stop Loss: 151.00, Take Profit: 149.70

Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 151.80, 152.25 and 153.00

Support levels: 149.70, 149.15, and 148.45

The material has been provided by InstaForex Company - www.instaforex.com

NZD/USD Intraday technical levels and trading recommendations for September 26, 2017

analytics59ca3d0f002d8.png

Daily Outlook

In February 2017, the depicted short-term downtrend was initiated around the depicted supply zone (0.7310-0.7380).

However, a recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.

The price zone of 0.7150-0.7230 (Key-Zone) stood as a temporary resistance zone until a bullish breakout was expressed above 0.7230.

This resulted in a quick bullish advance towards the next supply zone around 0.7310-0.7380 which was temporarily breached to the upside.

Recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.

Re-consolidation below the price level of 0.7300 enhances the bearish side of the market. This brings the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) where recent weak bullish recovery was manifested earlier in September.

An atypical Head and Shoulders pattern is being expressed on the depicted chart indicating high probability of bearish reversal.

The current price levels of 0.7320-0.7350 can be watched for a valid SELL entry if enough bearish rejection is expressed.

Breakdown of the neckline 0.7150 confirms the reversal pattern. Expected bearish targets are located around 0.7050, 0.6925 and eventually 0.6800.

The material has been provided by InstaForex Company - www.instaforex.com

Intraday technical levels and trading recommendations for EUR/USD for September 26, 2017

analytics59ca3c74f3ed4.png

Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.

The current bullish breakout above 1.1450 allows a quick bullish advance towards 1.2100 where price action should be watched for evident bearish rejection and a valid SELL Entry.

analytics59ca3c8ab4566.png

Daily Outlook

In January 2017, the previous downtrend reversed when the Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.

As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Previous Daily Supply-Zone).

The daily supply zone failed to pause the ongoing bullish momentum. Instead, evident bullish breakout is being witnessed on the chart. The next Supply level to meet the pair is located around 1.2100 (Level of previous multiple bottoms) where bearish rejection and a valid SELL entry can be anticipated.

On the other hand, If bearish pullback persists below 1.1800 (the depicted uptrend line) and 1.1700, a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 where BUY entries can be offered.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for September 26, 2017

NZDUSDM30.png

All our targets which we predicted in yesterday's analysis have been hit. NZD/JPY is still under pressure and still expected to trade in a lower range. Although the pair posted a rebound from 0.7245, the upside potential should be limited by the key resistance at 0.7245. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

To conclude, as long as 0.7245 holds on the upside, look for a new decline with targets at 0.7190 and 0.7165 in extension.

The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines is showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7295, 0.7315, and 0.7350

Support levels: 0.7190, 0.7165, and 0.7125

The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 26/09/2017

Global macro overview for 26/09/2017:

The market focus today will be on the situation surrounding North Korea after the country's leader claimed yesterday that the US had declared war on the country. This refers to Donald Trump's subsequent announcements, in which he said that the continuation of North Korea's nuclear program was a "suicide mission". In any case, both sides are turning their strong declarations long ago. This was followed by the provocative flight of US military aircraft in international waters near North Korea. The tension escalates, but if the ruling circles of North Korea are sensible, they will not attack the first, because - whatever the losses they would have posed to American troops in the Pacific or to objects in the continental United States - would probably mean the end of the regime. But of course you never know: will it start, who will start, when and under what pretext. The White House is trying to relieve the tensions, because the media is reporting that the White House has warned that no one has declared a war yet.

So far the financial markets are reacting rather calmly to the events as this is not the first time the US-NK tensions are present in the media. Nevertheless, in a case of further escalation of geopolitical concerns, the most likely reaction will be a flight to safety, which means the JPY, CHF, Gold and possibly Dollar will appreciate across the board and EUR, NZD, AUD and global stock indices will drop.

Let's now take a look at EUR/CHF technical picture at the H4 time frame. The bulls have managed to break out above the trading range and made a new high at the level of 1.1621, but after the geopolitical tensions escalated, the price felt towards the golden trendline support around the level of 1.1411. If the tensions will grow again, the navy trend line might be tested as well and price might drop quickly towards the level of 1.1260.

analytics59ca15d0ad997.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Bitcoin analysis for 26/09/2017

Bitcoin analysis for 26/09/2017:

At the beginning of September at the bank conference, JPMorgan CEO Jamie Dimon criticized Bitcoin severely. Dimon stated that the US government would work to liquidate the cryptocurrency because the entire system is one big scam. Just after his speech, Bitcoin's price dropped from $4,400 to $3,900. At about the same time, China has added three pennies by announcing a ban on the exchange of cryptocurrencies, which has led to further price declines. During such a fight on Bitcoin, however, there was one brave investor who wanted to show that Dimon was spreading false information about Bitcoin. Chamath Palihapitiya, a venture capital investor and the owner of the NBA Golden State Warriors team, during a discussion panel on CNBC's program strongly criticized Dimon and his point of view on Bitcoin. Palihapitiya explains, that governments and financial regulators can and should regulate cryptocurrency trading for security reasons. But more importantly, no one wants to manipulate or control Bitcoin itself, and P2P protocols cannot be censored. He said:" It can not be a scam. Today, you can limit the way Bitcoin is trafficked, but you can not control it. This is a decentralized system that exists in P2P networks. And to the extent that you can not eliminate the will and action of any single person in the world." In order to worsen the situation, Blockswater has filed a report on market abuse by JPMorgan, claiming that Dimon's statement was a purely manipulative play. Interestingly, JPMorgan Securities Ltd. is engaged in various types of investments in the cryptocurrency market, which may be relevant in relation to these allegations.

Let's now take a look at the Bitcoin technical picture on the H4 time frame. The price is trying to break out above the dashed black trend line, but to confirm the strength, bulls need to violate the level of $4,111 and head towards the recent all-time highs. A lack of this kind of price action will result in momentum decrease and a possible reversal to the downside towards the nearest technical support at the level of $3,452.

analytics59ca11eadb889.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Trading plan for 26/09/2017

Trading plan for 26/09/2017:

The risk appetite after yesterday's escalation of tensions between the US and North Korea remains subdued. USD/JPY is around 111.50 and EUR/USD continues to break through zone 1.1830- 1.1860. The Euro, the Pound, and the Australian Dollar did not change their value overnight against the US Dollar. NZD / USD deepens post-election slumps and drops below 0.7250 after the index of business sentiment has climbed to its lowest level in two years. On Wall Street's down session, with particular pressure on the technology sector (Nasdaq100 fell 1.1%)

On Tuesday 26th of September, the event calendar is light in important news releases, but market participants will keep an eye on CB Consumer Confidence and New Home Sales data from the US. Later during the day, we have FOMC members speeches: Loretta Mester, Lael Brainard, and Federal Reserve Chairperson Janet Yellen as the last one.

EUR/USD analysis for 26/09/2017:

The CB Consumer Confidence Index data is scheduled for release at 02:00 pm GMT and market participants expect a three-point decrease from 122.9 to 119.9 points. The economists say the indicator should fall in tandem with the recent preliminary Michigan Consumer Confidence figures. Nevertheless, despite the fall, both indicators will still be at very high levels, indicating continued support for consumer spending.

In Germany, Chancellor Angela Merkel from conservative CDU will have a hard time forming a stable coalition. The Social Democrats were heavily defeated and said they would go into opposition. Merkel's only realistic option is, therefore, to form a coalition with the Greens and the liberal FDP. Making things even more complicated, she also needs to find good terms with her sister party CSU, which only exists in Bavaria and by many commentators is said to be the real troublemaker in the potential coalition.

Let's now take a look at the EUR/USD technical picture on the H4 time frame. The price is trading directly on the important technical support at the level of 1.1821 and it looks like the bears might push the price even lower as the momentum indicator is pointing downward. The next technical support is seen at the level of 1.1775.

analytics59ca0f06a55b4.jpg

Market Snapshot: Crude Oil hits three months high

The price of Crude Oil rallied yesterday to hit three months high at the level of 52.41. The technical resistance at the level of 52.00 was violated and now it will act as a support for the price. Both indicators show, that the price is trading in overbought market conditions with strong upward momentum. In a case of a breakout lower, the next important support is seen at the level of 50.80.

analytics59ca0f136e457.jpg

Market Snapshot: DAX reverse time?

After the violation of the golden trend line, the price of German DAX30 rallied towards the important technical resistance at the level of 12,620 - 12,675. Currently, the market conditions are overbought and the long shadows on daily candles are indicating, that the selling pressure grows. In a case of reversal, the next technical support is seen at the level of 12487.

analytics59ca0f1de81bc.jpg

The material has been provided by InstaForex Company - www.instaforex.com

EURUSD: The way down is open

EURUSD: The way down is open.

Last minute burning forecast 26.09.2017

Weak results from Merkel's party during the elections in Germany caused the price of the EURUSD pair to hit a reversal. A breakthrough at important levels of 1.1860 and 1.1835 opened the way down.

There were different factors: fundamental - the weakening of the party and the government of Merkel, which is the foundation of the EU, and the technical - overdue correction after the 6-month strong growth of the EURUSD.

On the daily chart, a figure of the reversal type "triple top" pattern appears, which lasts a month. Operation of the figure - fixing the EURUSD rate below 1.1800.

The minimum goal based on the figure is 1.1660.

We sell from 1.1860 and also from 1.1890.

Downward movement cancellation signal - a breakthrough upwards at 1.2005.

analytics59c9fa2a70066.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Silver for September 25, 2017

Forex analysis review
Daily analysis of Silver for September 25, 2017

Ichimoku indicator analysis of USDX for September 26, 2017

The Dollar index is testing important short-term resistance and previous high at 92.70. Trend is bullish. 93 is an important resistance level.

analytics59c9ff132179d.png

Red line - resistance (broken)

Blue line - previous high horizontal resistance

The Dollar index is trying to break above the previous highs at 92.70. Price back tested the cloud support and has reversed higher and is now ready to break to new short-term highs. Important support remains at 91.80.

analytics59c9ff5bbc318.png

Red lines - bearish channel

On a daily basis we consider that the Dollar index is making a bounce that has first important resistance at 93 and next at 93.70. Both targets can be met but I believe we will first see below 91, before a bigger bounce. Short-term trend is bullish but medium-term trend remains bearish. Breaking below 91.80 will open the way for a move towards 90 or lower.

The material has been provided by InstaForex Company - www.instaforex.com

Ichimoku indicator analysis of gold for September 26, 2017

Gold price has broken out of the bearish channel yesterday as we expected. Price has stopped right below the 4-hour Kumo and shows signs of rejection. However I believe the next leg up towards $1,400 has started.

analytics59c9fd2c1f35b.jpg

Red lines - bearish channel

Gold price has reached the 4-hour Kumo (cloud) after breaking the bearish channel. Price has stopped right at the resistance and is pulling back. Short-term support is at $1,301. Resistance is at $1,316.

analytics59c9fd6f5d011.jpg

On a daily basis Gold price has bounced as expected and stopped right at the daily tenkan-sen (red line indicator) resistance. Price needs to move above $1,316-20 level in order for bulls to feel more confident. I believe Gold has made an important low at $1,288. Breaking below that level will open the way for a move towards $1,270-60.The material has been provided by InstaForex Company - www.instaforex.com

BITCOIN Analysis for September 25, 2017

Bitcoin is still struggling to break above $4,000.00 after the fall below the level due to the Chinese ban on exchanges and Initial Coin Offering. There has been a negative bias for the market recently after the ban that led to indecision in the market. There was a certain period when Bitcoin investments were called safe, but currently, due to negative bias in the market, there are chances for the price to go either way. As the time progresses, the bullish trend is coming to a question by the investors which might lead to further correction in the market. Though there are not enough reports or events to decide the upcoming positive move in Bitcoin, but we can see a bullish squeeze in the market. As of the current situation, the price is attacking the $4,000.00 level again but with better impulsive pressure and with a bullish squeeze that has taken the form of the Triangle pattern. As of the pre-breakout structure that is being formed currently, it is expected that the price will have greater chance of breaking above the $4,000.00 level in the coming days with a target towards $4,386.80 and later towards $4,500.00. The Chikou Span is also at the edge of breaking above the candle resistance, where the Kumo Cloud is also holding the price to push higher along with recent Tenkan and Kijun Cross. There are higher chance of a break above $4,000.00 and if that happens with a daily close, it is expected that the price will gain the bullish momentum again to proceed much higher in the future.

analytics59c939318bce0.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Fundamental Analysis of USDJPY for September 25, 2017

USD/JPY has bounced off the resistance level of 112.30 after the impulsive bullish pressure recently. USD has been quite positive with the economic reports and events, which helped the currency to gain further over JPY that could not sustain the gain till now. Today JPY Flash Manufacturing PMI report was published with a slight increase to 52.6 from the previous figure of 52.2, which was expected to increase to 53.4. Though the economic report was better than the previous one, it was not provide a better-than-expected result, thus affecting the currency. Along with this, BOJ Governor Kuroda has been quite hawkish and he is expecting the inflation target to achieve 2% very soon though there are certain risk for the yen in the coming days, which might weaken the currency. On the USD side, today FOMC Member Dudley's speech was quite neutral having no hints for the upcoming market movements and FOMC Member Evan speech is also expected to be mostly the same, which is going to take place today. To sum up, though USD started the day with a higher push against JPY, but despite having a worse-than-expected economic report, JPY has currently shown good gains against USD, which does hint us that the Yen is going to dominate USD for the coming days until USD comes up with better economic reports.

Now let us look at the technical view. The price is currently residing below the resistance level of 112.30, which has been retested today as well. Currently, the price is expected to reach the support area of 110.20-60 as the price remains below the 112.30 resistance level. As of the recent impulsive bullish move towards the 112.30, the bearish move towards the support area of 110.20-60 is expected to be quite corrective in nature.

analytics59c93553e187d.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of USD/JPY for September 25, 2019

USDJPYH4.png

Overview

The USD/JPY pair bounced bullishly after forming the 111.75 solid support against the price recent negative attempts and stack between the mentioned support and the 112.80 resistance, which represent 61.8% and 76.4% Fibonacci correction levels, respectively. Therefore, we expect sideways trading between these levels until the price manages to breach one of them. Note that breaking the mentioned support will push the price to resume the main bearish trend, which main targets begin at 110.06 and extend to 109.00; while breaching the resistance represents the key to extend the pair's gains to reach the previously recorded top at 114.49 as the next main station. The expected trading range for today is between the 111.50 support and the 113.20 resistance.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/JPY for September 25, 2017

1506355929_GBPJPYH4.png

Overview

Despite the GBP/JPY pair's stability above the 150.00 initial support, we notice formation of sideways trading by moving below 152.80 due to a lack of bullish momentum. Meanwhile, stochastic's exit from the oversold areas forms the main factor of the current sideways trading. The price is likely to gather new bullish momentum in the near term and surpass the current barrier to reach the second target at 155.60. We remind you that attempting to break the initial support will confirm correctional bearish bias formation for the upcoming trading to move towards 147.80 before achieving any new positive target. The expected trading range for today is between 150.00 and 152.80.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Gold for September 25, 2017

GOLD-3.18H4.png

Overview

The gold price began to rebound bearishly after retesting 1,299.20 levels, affected by the negative signal provided by stochastic and the negative pressure coming by the EMA50. This reinforces the chances of correctional bearish trend continuation, which next target is located at 1281.17. Therefore, the bearish bias will be dominant in the upcoming sessions unless breaching and holding above 1,299.20 levels as the breach of this level will push the price to start recovery attempts that target the 1,321.49 areas initially. The expected trading range for today is between the 1,281.17 support and the 1,300.00 resistance.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Silver for September 25, 2017

SILV-3.18H4.png

Overview

The silver price continues to fluctuate within a tight track with slight bearish bias, moving below the 17.00 barrier. This makes us keep our bearish overview on the intraday basis, targeting a test of 16.56 levels mainly. Therefore, we will be waiting for a deeper decline in the upcoming sessions supported by the EMA50. Keep in mind that holding below 17.43 represents the key condition to continue the suggested decline. The expected trading range for today is between the 16.70 support and the 17.00 resistance.

The material has been provided by InstaForex Company - www.instaforex.com