Weekly Technical Analysis For September 26th to 30th, 2022

What To Watch For Trading This Week

EUR/USD: Last week, the Fed raised interest rates by 75 basis points on Wednesday, as expected. Chairman Jerome Powell warned that the bank will keep hiking rates at a sharp clip, even risking pressure on economic growth and the labor market, as it struggles to rein in runaway inflation.

Fueled by hawkish Federal Reserve policy, US economic strength and investors in search of a haven from market swoons, the greenback is surging relentlessly against counterparts big and small by the most in decades

The World Bank warned last week that the world’s economy has been slowing sharply, and even a moderate hit to the global economy over the next year could tip it into recession.

German producer prices rose in August at their strongest rate since records began, climbing 45.8% on the same month last year, with soaring energy prices continuing to act as a main driver.

Looking ahead, this week’s calendar features U.S. data on Pending Home Sales, Durable Good Orders, and PCE inflation.

Core Durable Goods Orders, excluding transportation, are expected to come out at 0.2% in August.

The US will publish updates on consumer spending and the Federal Reserve’s preferred inflation gauge on Friday, which will give fresh insight into the strength of the economy. 

The yearly PCE price index rose 6.3% last month. 

Moreover, the Eurozone is to release September data on consumer price inflation on Friday with economists expecting the headline rate of inflation to accelerate to a fresh record high of 9.6%.

As long as the EURUSD stays below 0.9774 on a daily basis, we will watch the support level at 0.9621. On the upside, if the price moves up above 0.9774, the next resistance level will be at 0.9878.

Support: 0.9621

Resistance: 0.9774 - 0.9878 - 0.9922

USD/CHF: As long as the USDCHF pair stays below 0.9831 on a four-hourly basis, we will see support level at 0.9757. On the other hand, If the pair moves up above 0.9831, the next resistance level will be at 0.9938

Support: 0.9757 - 0.9700 - 0.9656

Resistance: 0.9831 - 0.9877 - 0.9938

CRUDE OIL: As long as the CRUDE OIL price stays below 82.01 on a daily basis, we will watch the main support level at 76.41. On the upside, if the price goes beyond 82.01, the next level will be at 86.55.

Support: 76.41 - 72.78 - 69.45

Resistance: 82.01 - 86.55 - 91.93

GOLD: As long as the GOLD price stays below 1650 on a four-hourly basis, we will see the main support levels at 1638 and 1626. On the upside, if the price move up 1650, the next level will be at 1667.

Support: 1638 - 1626

Resistance: 1650 - 1667 -1684

25 Sep 22 (Sun)

10:16 pm