USD continues to soar

USDCHF and AUDUSD are the week's largest movers: Chart

Charts (4)

The S&P 500 closed down 0.63% last week, pressured by the Energy (-8.6%), Automobiles & Components (-7.11%) and Banks (-6.16%) sectors.  

Here is a review of key economic data over the past week: 

Durable Goods Orders rose 0.4% on month in the August preliminary reading (+1.5% expected), compared to a revised +11.7% in the July final reading. 

Initial Jobless Claims unexpectedly rose to 870K for the week ending September 19th (840K expected), from a revised 866K in the previous week. Continuing Claims declined to 12,580K for the week ending September 12th (12,275K expected), from a revised 12,747K in the week before.

New Home Sales spiked to 1,011K on month in August (890K expected), from a revised 965K in July, a level last reached in late 2006. The Mortgage Bankers Association's Mortgage Applications rose 6.8% for the week ending September 18th, compared to -2.5% in the week prior. Existing Home Sales rose to 6.00 million on month in August (as expected), from 5.86 million in July, a level last reached in late 2006.

Markit's US Manufacturing Purchasing Managers' Index increased to 53.5 on month in the September preliminary reading (as expected), from 53.1 in the August final reading. 

The USD/CHF was the week's biggest gainer after climbing 1.93% WoW. The AUD/USD was the biggest laggard on the week declining 3.58% 

Looking at the USD/CHF, The rebound continues. 0.9185 remains key support. Look for a continuation higher towards targets of 0.9375 and 0.9515 in extension.



Source: GAIN Capital, TradingView


Regarding the AUD/USD, the pair is challenging 0.7025 support after breaking below its 50-day moving average. A break below support may accelerate a decline towards 0.6775.



Source: GAIN Capital, TradingView


More from Forex

Disclaimer

This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.

Important Notice:

Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.