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FX weekly pivots and 3 big events to watch

Weekly pivot points for major pairs, September 15-19:

  R3 R2 R1 Pivot S1 S2 S3
EURUSD 1.3116 1.3047 1.2996 1.2927 1.2877 1.2807 1.2757
GBPUSD 1.6562 1.6419 1.6338 1.6195 1.6113 1.5968 1.5889
USDCAD 1.1384 1.1241 1.1167 1.1023 1.0949 1.0804 1.0731
USDJPY 110.537 108.966 108.149 106.566 105.747 104.17 103.351
USDCHF 0.9476 0.9436 0.9387 0.9347 0.9298 0.9257 0.921

And 3 currencies to watch this week:

  • The Scots: GBP pairs take precedence over others ahead of a week filled with important market moving events that include unemployment, Inflation and retail sales data and the all important Scottish independence vote slated for 18th The British Pound has enjoyed a strong rally across the Fx pairs and this rally is now threatened by a possible breakup of the Union. A “Yes” vote is likely to see the GBP fall dramatically across the board, while a “No” vote could put the British Pound back on track. Opinion polls have shown the contest getting to be a close call with no clear majority.
  • The Fed: Markets will be clued into the FOMC’s monthly monetary policy minutes. It is largely expected for the Fed to cut down its QE tapering with October being the month for QE to finally come to an end. Focus will shift to the monetary policy statement for clues on possible interest rate hike guidance.
  • The peg: Switzerland’s SNB will be releasing their monetary policy assessment this week. The SNB rattled the markets last week as Thomas Mosser commented that the Central Bank is not ruling out negative interest rates. The CHF weakened across the board on the comments. The key pair to watch would be the EURCHF as it continues to trade close to the SNB’s floor of 1.2 as well as the USDCHF.

In our latest podcast, we talk about the FOMC meeting.

Download it directly here.

John Benjamin

John Benjamin

John is a market analyst for Orbex Ltd. and is a forex and equities trader having been involved in trading since late 2009. John makes use of a mix of technical and fundamental analysis and inter-market relationships. The analysis present here is a mix of intra-day analysis while considering the long term outlook of the markets as well. For any comments or questions, John can be reached at [email protected]