The FOMC has Finally Arrived!
What, no charts?
Today we are going to have a general review as the FED is about to announce the interest rate decision. This week as you may be aware the market is side ways.
Below is our opinion based on our technical and fundamental analysis.
EURUSD to test a support level this week as it will probably go slightly lower to test its previous support. Later on, during the month of December, we can expect an upwards move with this currency pair to recoup some of the losses it made this year. What will happen in January we will wait and reevaluate as we get there.
Gold will follow the suite of the EURUSD as per our reviews of the market. As the USD gains value Gold will see lower levels and may possibly retest 1,050USD for a double bottom in January.
GBPUSD is likely to go with the EURUSD as the UK is still officially part of the EU until all ties are cut off. We are expecting a higher price until the end of this year and January we might continue the down move.
USDJPY and USDCHF are going to continue the up move but first of all, a retracement is in order. These pairs will likely pull back to a good support level before taking off again in 2017.
Brent we are still expecting the 60USD range as production has been cut, however, it may take a week or two before we start to see those figures. Especially the FED interest rate is once again important.
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***Information contained in this news letter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making, but merely provides information from the market for its clients as additional information being made available as per the events occurring in the financial markets.
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