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Daily analytical report (13/12/17)

  • Wednesday is Fed day and all investors are waiting for the rate decision, statement and economic projections from the FOMC. Ahead of this, at the beginning of the European session, the DAX is looking firm. The price bounced nicely from the 13,080 support with a bullish candle with a long tail. Currently we are fighting on the 13,180 points but it looks like this resistance will be easily broken and the price will go north.
  • The USDJPY very often has a high correlation with indices. Today is no different. The price bounced nicely from the 113.1 support creating a candlestick with a long tail. This is a buy signal and the price should aim higher. Obviously, all this is based on technical analysis and it can all be easily cancelled by the FOMC. Unfortunately, trading USD before the Fed is a big lottery.
  • If so, maybe we can look at the EURCHF. The pair is in a long-term rising wedge, which is a bearish pattern. The support line has recently been under pressure and buyers cannot create a bounce. This creates an occasion for a breakout. A pending order here would not be a bad idea.

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