Market Update - 27 September 2023

USD/CAD attempts to continue the gains above 1.3510. US Dollar strengthens on market caution about the Fed’s interest rates trajectory. Improved WTI price could provide support for the Canadian Dollar. (FXStreet)

EUR/GBP remains below 0.8700 and the 200-day SMA through the first half of the European session. Worries about a deeper economic downturn in the Eurozone undermine the Euro and cap the upside. .The BoE’s surprise pause continues to weigh on the British Pound and acts as a tailwind for the cross. (FXStreet)

USD/CHF gains momentum around 0.9165, the highest since April. The overbought RSI condition indicates that further consolidation cannot be ruled out. A psychological round mark at 0.9200 is the first resistance level; 0.9128 acts as an initial support level. (FXStreet)

EUR/USD loses traction above the mid-1.0500s; holds below the 50- and 100-hour EMAs. The oversold RSI condition indicates that further consolidation cannot be ruled out. The immediate resistance level will emerge at 1.0600; 1.0540 acts as a key support level. (FXStreet)

USD/JPY experiences upward support due to the US economic data. Momentum indicators suggest a predominant bullish sentiment in the market. The psychological level at 148.00 could emerge as a key support aligned with the 14-day EMA. (FXStreet)

The index consolidates the breakout of the 106.00 yardstick. The Fed’s tighter-for-longer narrative bolsters the index. Weekly Mortgage Applications, Durable Goods Orders next on tap. The USD Index (DXY), which tracks the greenback vs. a bundle of its main competitors, adds to the ongoing rally and records new YTD peaks around 106.30 on Wednesday. (FXStreet)

USD/MXN strengthens due to risk aversion. Fed is expected to raise interest rates through the end of the year; strengthening the US Dollar (USD). Traders will watch interest rate decisions by the Bank of Mexico (Banxico) on Thursday. (FXStreet)

NZD/USD remains under selling pressure amid a rally of the US Dollar. The hawkish stance from the Federal Reserve (Fed) boosts the USD against the New Zealand Dollar (NZD). The US Core Personal Consumption Expenditure (PCE) Price Index data will be a closely watched event this week. (FXStreet)

USD/CNH hovers around 7.3125 following the Chinese data. US Conference Board (CB) Consumer Confidence rose to 103.0 in September from 108.7 in August. China’s Industrial Profits rose by 17.2% from a year earlier. The US Core Personal Consumption Expenditure (PCE) Price Index data will be in the spotlight this week. (FXStreet)

USD/INR consolidates its weekly gains and remains below the monthly swing peak. The USD stands tall near a 10-month high and supports prospects for further gains. Bulls might still wait for a move beyond the 82.30-35 area before placing fresh bets. (FXStreet)

Prices of WTI resumed the upside on Tuesday, leaving behind Monday’s corrective decline. The daily uptick was accompanied by increasing open interest, which is indicative that further gains look likely in the very near term. Next on the upside for the commodity now emerges the September top around $92.60 per barrel (September 19). (FXStreet)

Prices of natural gas extended the uptrend on Tuesday amidst shrinking open interest, which leaves the door open to a corrective move in the very near term. However, the pronounced increased in volume could allow for the continuation of the uptrend. On the latter, the $3.00 mark per MMBtu remains the key obstacle for bulls for the time being. (FXStreet)

Silver slides to over a one-week low on Wednesday, albeit finds some support at lower levels. The technical setup still favours bearish traders and supports prospects for a further downfall. The stage seems all set for a retest of an ascending trend-line support, near the $22.35 region. (FXStreet)

Source: FXStreet

Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.