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Market updates on November 20

Market updates on November 20

Information is not investment advice

Key events ahead:

Chinese Loan Prime Rate 1Y – 03:30 MT time (01:30 GMT)

Canadian Inflation Rate YoY – 15:30 MT time (13:30 GMT)

American FOMC Minutes – 21:00 MT time (19:00)

  • The CAD started the day with the correction course. On the H1 chart of CADJPY, it has dropped to the support level of 81.64, which was touched last Thursday. After that, the price showed a slight upswing. At the same time, the RSI crossed the 30% level bottom-up. This may be a good signal of the bullish takeover. For the upward direction, the resistance levels may be placed at 81.83 and the range of 82.40-82.50. The downtrend scenario may have 81.64 and 81.50 as the support levels.CADJPYH1.png
  • Against the Swiss franc, the US dollar has started weakening on Tuesday. On the H1 chart of USDCHF, the price touched the 0.9918 high, marking the local resistance level, and has been dropping since then. The bears need to watch the MACD and Awesome Oscillator crossing the zero line. Once it is done, the USD will likely aim at the support levels of 0.9895 and 0.9877.USDCHFH1.png

 

 

 

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