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Market review 22 September 2020

22 September 2020

USD/CHF to continue the correction higher on a break above 0.9173 – Commerzbank

“USD/CHF has eroded its four-month downtrend. The close above here introduces scope for a deeper correction to the 55-day ma at 0.9173, which is currently holding and potentially the 38.2% retracement of the move down from the March peak at 0.9342.”

“It should be noted that the market is possibly basing and above 0.9342 would suggest a test of the six-month downtrend at 0.9456.”

“Dips should remain contained by 0.9078/48. Only a slide below 0.9048 will trigger a slide back to the 0.8998 recent low.”

AUD/USD to test the 0.7170/00 support amid growing risk-off tinge – OCBC

The AUD/USD pair turned heavy amid the broader risk-off tilt and is now trading below the 0.72 mark. Terence Wu, FX strategists at OCBC Bank, has a negative bias for the aussie as the stock market is falling. The analyst will be closely watching the 0.7170/00 support.

Key quotes

“With Asian equities and S&P 500 futures still in the red, expect the climate to be negative for the pair for now.”

“The aussie should trade in line with shifting risk sentiment and the commodity complex in the coming sessions.”

“Watch 0.7170/00 on the downside, against 0.7240 resistance.”

Gold remains on track to test the August low of $1863

Gold (XAU/USD) plummeted 3% and reached the lowest levels in six-week at $1882 on Monday. The yellow metal treads water above $1900 in Tuesday’s trading so far, as the dollar bulls take a breather, digesting the release of the Fed Chair Jerome Powell’s prepared remarks ahead of his three-day Congressional testimony, FXStreet’s Dhwani Mehta briefs.

“Powell said that the Fed is committed to using all policy tools available to support the post-pandemic economic recovery. The sentiment on the global stocks will remain in focus for fresh impetus on gold. Should the risk-aversion deepen in the sessions ahead, the safe-haven dollar could see a fresh leg higher, weighing once again on the USD-denominated gold.”

“Although a brief bounce cannot be ruled out before the yellow metal resumes the sell-off. The 14-day Relative Strength Index (RSI), currently at 43.85, has turned flat, backing the case for a temporary pullback, especially given Monday’s slump. Therefore, the immediate upside barrier is aligned at the pattern support now resistance at $1930. A break above which the confluence of the 21 and 50-DMAs around $1940/41 will limit the recovery attempts.”

“To the downside, the $1900 level could be once again challenged by the bears. The next downside target at $1882 (Monday’s low) could be put at risk. A failure to defend the latter could expose the August low at $1863.”

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