Dukascopy Bank Team
Dukascopy Bank SA
As soon as markets found out that one the leading indicators, the Consumer Confidence Index, substantially exceed expectations the rate plunged to the 1,269.37 level. Nevertheless, the upcoming FOMC meeting as well as employment data release do not allow reinforcing this success. On the other hand, in order to break to top the pair still needs to bypass the weekly PP, the upper boundary of a descending channel and, most importantly, the 200-hour SMA. Previous failed attempts suggest that until the first release these barriers are likely to constrain active rise of the yellow metal’s price. In case of positive news, the pair is expected to repeat previous Thursday’s downfall and reach the weekly S1 at 1.264.23.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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