EUR/CHF Resumes Downtrend, Targets Level 1.0759

Azeez Mustapha
30 September 2020 | Updated: 1 October 2020

Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400

EUR/CHF Price Long-term Trend: Ranging
EUR/CHF is in a range-bound movement. The market is fluctuating between level 1.0750 and 1.0850. The sideways trend has been ongoing since July. A bullish trend line is drawn showing the support levels of the market. The price is rising and approaching level 1.0793.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 54 of the Relative Strength Index period 14. It implies that the market is in the sideways movement and above the centerline 50. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates the sideways trend.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the pair is now on a downward move. A green candle tested the 78.6 % Fibonacci retracement level. It indicates that the pair will fall and reach the 1.272 Fibonacci extension level. That is the low of 1.0759.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping sideways indicating the previous trend. The pair is below the 50% range of the daily stochastic. It indicates that the market is in a bearish momentum.

General Outlook for EUR/CHF
EUR/CHF is in a sideways move but has resumed a downward move. The pair is facing rejection at level 1.0820 as it resumes a downward move. According to the Fibonacci tool analysis, EUR/CHF is likely to reach a low of 1.0759.


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Low Volatility at Month-End, Dollar Falls As Attention Shifts to US Economy

Azeez Mustapha
30 September 2020 | Updated: 30 September 2020

Forex markets are mostly in a tight range today, with little reaction to better-than-expected US employment and Canadian GDP data. There was little movement after the comments from the ECB President and the Chief Economist of the Bank of England. Weak trading at the end of the month keeps volatility very low. However, we hope October kicks off with some decisive steps when such important data as the US ISM and off-farm payroll are presented.

The dollar and yen are recovering in the Asian session, but it is not yet clear if the pullback will end this week. There was no reaction to the presidential debate between Donald Trump and Joe Biden. Asian markets are mixed despite some robust data from China. Dow futures are now down about -200 points, but they are still far from it.

For now, the focus will be on economic data, starting with ADP employment today, ISM manufacturing tomorrow, and then the big non-farm jobs event on Friday.

The US ADP report showed an increase in the number of jobs in the private sector by 749 thousand. In September, higher than expected at 650 thousand. By the size of companies, small enterprises added 192 thousand, Medium – 259 thousand, Large – 297 thousand. By sector of jobs in the production of goods increased by 196 thousand, in the service sector – by 552 thousand.

“The labor market continues to gradually recover,” said Ahu Yildirmaz, vice president and co-director of the ADP Research Institute. “In September, most sectors and company sizes showed growth in trade, transportation and utilities; and production ahead. However, small businesses continued to show slower growth.”
Dollar Falls on Risk-Related Sentiment
In financial markets, risk sentiment led the way as the dollar fluctuated between gains and losses. Risk appetite skyrocketed in America this afternoon amid renewed hopes for a U.S. coronavirus relief package, and while Senator McConnell said Republicans and Democrats are far from fighting the virus, sentiment remained optimistic. Ahead of the closure, Finance Minister Mnuchin announced there was no deal yet.

The US dollar lost ground against most of its major rivals amid improving sentiment. However, the EUR/USD pair closed down around 1.1720. The pound/dollar pair rose despite growing concerns over the latest coronavirus outbreak in the UK.

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Bitcoin Ends September In an Unrelenting Directionless Bias

Azeez Mustapha
30 September 2020 | Updated: 30 September 2020

Bitcoin (BTC) and the rest of the cryptocurrency market have been trading with intense choppiness for the past few days and weeks, with bulls and bears failing to forge a clear path in the near-term.

The benchmark cryptocurrency has been in a trading range between $10,200 and $11,000 for most of September. The prolonged absence of any volatility has caused the trading range to contract even further to $10,600 and $10,800 since last week.

Analysts are unsure of what could catalyze significant volatility for the cryptocurrency in the coming days and weeks.

Meanwhile, one analyst has cited a historical pattern as a possible bullish signal for BTC. He explains that the prevailing sideways movement in Bitcoin is taking place below a key resistance level. Usually, this is an indication that bulls are laying the foundation for an explosive move higher.

Bitcoin’s current consolidation has been occurring just below the $11,000 key resistance level. The analyst noted that Bitcoin’s past consolidation occurred above the $11,000 line, which caused the cryptocurrency to drop to the $9,900 level some weeks ago.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch In the Near-Term

The benchmark cryptocurrency has now spent most of this week consolidating between $10,600 and $10,800. As mentioned earlier, the consolidation range has been contracting over the weeks, mostly recording higher lows. This is a good sign that a bullish rally is just around the corner for the digital asset. If a bullish breakdown doesn’t occur soon, we could see a further contraction of the said consolidation range in the coming days.

Meanwhile, it appears that BTC has formed a strong demand zone at the 50 SMA line at $10,650.

Total market capital: $344 billion

Bitcoin market capital: $198 billion

Bitcoin dominance: 57.5%

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France 40 (FR40EUR) Resumes Downtrend, Breaks Range-Bound Move

Azeez Mustapha
30 September 2020 | Updated: 30 September 2020

Key Resistance Zones: 5900, 6000, 6100
Key Support Zones: 5400, 5300, 5200

France 40 (FR40EUR) Long-term Trend: Ranging
France 40 index is in a range bound move. The index is currently fluctuating between levels 4800 and 5200. Since June, the market is yet to trend; rather the price now consolidates in the middle of the price range. The price breaks below the support level and it resumes upward.

FR40EUR – Daily Chart

Daily Chart Indicators Reading:
The index is currently at level 41 of the Relative Strength Index period 14. It is in a downtrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping sideways indicating a sideways trend.
France 40 (FR40EUR) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a sideways move. The price has broken the support level and resumed a downward move. The market is in a choppy price action.

FR40EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The index is currently below the 80% range of the daily stochastic. The index is in a bearish momentum. The moving averages are still sloping horizontally indicating the sideways trend.

General Outlook for Italy France 40 (FR40EUR)
FR40EUR has resumed a downward move as it reached the low of 4690. The market has risen to level 4830. This upward move has taken the index to the overbought region of the market.


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GBPJPY Maintain Bullish Bias Beyond 136.00 Level, As Momentum Eases

Azeez Mustapha
30 September 2020 | Updated: 30 September 2020

GBPJPY Price Analysis – September 30

GBPJPY is increasing for the 5th day in a row while maintaining a bullish bias beyond the 136.00 levelEarlierthe dipbuying assisted to limit any meaningful slide near the key 135.00 psychological marks as bulls are seen making a fresh attempt as momentum eases.

Key Levels
Resistance Levels147.95142.71136.62
Support Levels133.12131.75129.29
GBPGPY Long term Trend: Ranging
The GBPJPY may begin to consolidate between 135.00 and 136.62 levels. If it tries to breach and carry beyond 136.62 levels more growth appears probable. The initial aim is seen at level 136.62, led by level 137.84.

As long as the level of resistance is 147.95, a potential downside breakout stays in order. Even so, the steady breach of the 147.95 marks may increase the probability of a bullish long-term reversal. The emphasis for validation may then be shifted to a 156.59 resistance level.

GBPJPY Short term Trend: Ranging
GBPJPY’s recovery from the 133.04 level is still in progress on the 4-hour timeframe, but so far fails to take out the 136.62 resistance level. The intraday bias stays impartial and may come to play with further correction. The fall from 142.71 level and goal 61.8 percent retracement from 123.99 to 142.71 at 131.75 levels may continue the breaking of 133.04 level on the downside.

Nevertheless, for a steeper recovery, the firm breach of 136.62 level may imply short-term bottoming and turn bias back to the upside. If the decline is induced by the present momentum shift in GBPJPY, the main support to track is seen at the levels of the 134.12/50 band.



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USD/CAD Upward Move Faces Resistance at Level 1.3400

Azeez Mustapha
30 September 2020 | Updated: 30 September 2020

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

USD/CAD Price Long-term Trend: Bullish
The pair has resumed an upward move. The Loonie was earlier in a downtrend. It fell to level 1.2980 and resumed the uptrend. The current uptrend faces resistance at level 1.3400. The market will move up after price finds support.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping downward indicating the previous trend. The Loonie has fallen to level 55 of the Relative Strength Index. The pair is now in an uptrend zone and above the centerline 50.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the pair was previously in an uptrend. The uptrend was terminated at level 1.3400. Presently, it has fallen to level 1.3324. A green candle body tested the 78.6 % Fibonacci retracement level. The Loonie will fall and reach the 1.272 Fibonacci extension level. In other words, it will rise and reach level 1.3298.

USD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the SMAs are slowing upward indicating that the market is rising. The Loonie is below the 40% range of the daily stochastic. It indicates that the market is in bearish momentum.


General Outlook for USD/CAD
The USD/CAD is currently falling after resistance at level 1.3400. The Loonie has resumed upward but selling pressure persists. According to the Fibonacci tool, the market will reach a low of 1.3298.


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EURCAD Edges Lower Beneath 1.5675 Level in an Attempt to Further Sideways Trading

Azeez Mustapha
30 September 2020 | Updated: 30 September 2020

EURCAD Price Analysis – September 30

The single European currency has edged lower by 0.45% against the Canadian Dollar since the beginning of the Wednesday session. The currency pair breached lower the 1.5675 level in an attempt to further sideways trading. Given that the exchange rate has breached the boundary, sellers may pressure the EURCAD pair lower within this week’s sessions.

Key Levels
Resistance Levels: 1.6153, 1.5970, 1.5739
Support levels: 1.5540, 1.5415, 1.5039
EURCAD Long term Trend: Ranging
As seen on the daily chart in a negative scenario, immediate support could occur at the alignment of the moving average 5 and 13 at 1.5600 marks. Slipping under this important 1.5600 base, further supporting foundations stays at the ascending trendline and 1.5540 level could challenge the dive.

A push higher could re-test the 1.5739 level and spike through for a move upwards to challenge yearly highs at the sub 1.6000 troughs. In summary, the levels near the boundaries would also need to be broken to accelerate the price in the relative direction.
EURCAD Short term Trend: Ranging
Intraday bias in EURAUD remains weak to the downside and consolidation under 1.5675 level could extend further. On the upside, a sustained break of the 1.5739 resistance level will suggest that it’s at least in correction to the fall from 1.5970 recent high level.

The further rise should then be seen to 38.2% retracement of 1.5739 to 1.5540 at 1.5970 levels. However, rejection by 1.5739 level will maintain near term bearishness for another fall through 1.5540 level later.

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XRP/USD price Hovers Between $0.24 and $0.23 Price Levels

Azeez Mustapha
30 September 2020 | Updated: 30 September 2020
XRP/USD Market September 30

In case the bulls gain more strength to break up the dynamic resistance level, the $0.25 price level may not hold and the price will reach the resistance levels at $0.27 and $0.29. The bearish movement will continue if the bulls fail to break up the confluence at the $0.25 level.

Key Levels:

Resistance levels: $0.24, $0.25, $0.27, $0.29
Support levels: $0.23, $0.22, $0.20, $0.17

XRP/USD Long-term Trend: Ranging

XRPUSD is on the ranging mode in the daily chart. The formation of the “Tweezer bottom” candle pattern on September 24 is an indication that the bulls are ready to take over the market. The bulls initiated the upward movement towards the resistance level of $0.25. Along the way, the bulls lose the momentum and the increase is hindered, likewise, the bears’ pressure is not enough to drive the coin downside, then the price commences consolidation at $24 and $23 price level.

XRPUSD Daily chart, September 30

The 9 periods EMA and 21 periods EMA are coming close to each other and the distance between the two are becoming narrower while the price is trading between the two. The breakout at the $23 price level will make the coin continue its bearish trend towards the support level of $0.22 to $0.20 which may extend to $0.17. The penetration of the $24 level upside will trigger the continuation of the bullish trend towards $0.25, $0.27, and $0.29 price levels.

XRP/USD medium-term Trend: Ranging

On the medium-term outlook, XRPUSD is ranging. The bullish movement that commenced on September 24 could not continue due to weakness in the bulls’ momentum. The bears’ pressure is equally weak at the moment in the 4-hour chart. In other words, the momentum of Bulls and Bears are at equilibrium.

XRPUSD 4 hour chart, September 30

The 9 periods EMA and 21 periods EMA are interlocked to each other and the price is trading over and around the two EMAs. The relative strength index period 14 is moving zigzag showing no specific direction, this indicates that consolidation is ongoing in the XRP market.

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XAU/USD Price Analysis — September 30

Azeez Mustapha
30 September 2020 | Updated: 30 September 2020

Gold (XAU/USD) etched lower through the early European session on Wednesday and was last spotted trading at the $1885 region.

The yellow metal was met with a fresh supply near the $1900 hurdle on Wednesday, which stalled this week’s bullish bounce from the $1849 support. The pullback represented the first bearish move in the past three days and was ignited by a goodish pickup in the US dollar (DXY) demand.

Meanwhile, the first US Presidential Debate between President Trump and Democratic opponent Joe Biden failed to rile the markets up, as many expected would happen. However, Trump’s assertion that the election result might not be agreed upon after Election Day has infused additional uncertainty into the markets. This comes amid the ever-increasing number of COVID-19 cases.

Other than a strong across-board recovery in the USD, an uptick in the US Treasury bond yields has added to the outflow of demand from the non-yielding commodity. Nonetheless, Trump’s comments in yesterday’s debate caused a fresh wave of global risk-aversion across markets.

Moving on, market participants will be looking at the US economic docket today—which features the ADP report, the final Q2 GDP report, Chicago PMI, and the Pending Home Sales data—for clues. Furthermore, influential comments from FOMC members later today will likely influence the greenback’s price dynamics in the North American session.

XAUUSD – 4-Hour Chart

Gold (XAU) Value Forecast — September 30

XAU/USD Major Bias: Sideways

Supply Levels: $1900, $1923, and $1939

Demand Levels: $1876, $1849, and $1844

Technically, the XAU/USD has failed to break the strong $1900 psychological support. In the meantime, we expect a retest of that line, which could be very crucial to what gold does next. Meanwhile, over the past few hours, we’ve seen gold record consecutive lower highs, signaling that we could see the commodity hit the $1876 support before a retest of the $1900 line.

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Ethereum (ETH) Price Analysis: ETH is range-bound below $370 resistance

Azeez Mustapha
30 September 2020 | Updated: 30 September 2020

Key Highlights
Ether is in a sideways trend for the past five days
Possibly a breakout is imminent

Ethereum (ETH) Current Statistics
The current price: $356.80
Market Capitalization: $40,249,317,062
Trading Volume: $11,822,143,664
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis September 30, 2020
Following its recent rebound on September 24, Ether has been trading below the $370 resistance. Ether price has been stuck in the resistance zone for the past five days. The bottom line is that if buyers break the resistance zone and push price above $390, Ethereum will be out of downward correction. Perhaps, the upside momentum will resume. Conversely, if the coin faces rejection at the current resistance, the market will fall. The bears may attempt to sink the coin to its previous low at $310.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The price is still below the EMAs which suggests that the coin is not likely to rise. Rather, it may fall or the price fluctuations will continue. The coin is at level 47 of the Relative Strength Index period 14. That is, the coin is in the downtrend zone and below the centerline 50.

ETH/USD – Daily Chart

Conclusion
It is not certain the direction of price movement as the coin has been range-bound for the past five days. The Fibonacci tool analysis will hold if Ether falls and price breaks the critical support at $310. The market will continue its fall towards the 1.272 Fibonacci extension or $260 low.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results


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