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On September 19th, the Shaanxi Provincial Bureau of Statistics released its report on the provinces economic performance in the first eight months of the year: industrial production steadily rebounded, consumer demand continued to be released, and the economy showed a steady and positive development trend. According to relevant personnel from the Provincial Bureau of Statistics, in the first eight months, the added value of industries above designated size increased by 4.6% year-on-year, an acceleration of 0.5 percentage points compared to the first seven months. Industrial production steadily rebounded, and product output grew steadily. Looking at the three major sectors, the added value of mining increased by 7.7% year-on-year, manufacturing by 1.5%, and the added value of electricity, heat, gas and water production and supply by 2.5%. Key industries performed well, with the added value of coal mining and washing increasing by 9.0% year-on-year and the added value of oil and gas extraction increasing by 9.7%. Product output grew steadily, with raw coal output increasing by 3.8% year-on-year and natural gas output increasing by 7.3%.September 19th - According to Shenzhen Railway authorities, the railway transportation period for this years Mid-Autumn Festival and National Day holidays will run from September 23rd to October 8th, lasting 16 days. Shenzhen Railway expects to transport 5.7312 million passengers, averaging 358,200 passengers per day, an increase of 21,500 passengers per day compared to last year, representing a 6.39% increase and setting a new record for the same period. Among them, Shenzhen North Station is expected to transport 3.856 million passengers, averaging 241,000 passengers per day, an increase of 10,400 passengers per day compared to last year, representing a 4.3% increase.On September 19th, French President Emmanuel Macron stated on September 18th that France will push the EU to take action to address energy issues. He also believes that the US and Iran are unlikely to reach an agreement on the Strait of Hormuz in the short term. Macron stated that the sharp rise in fuel prices in recent weeks has created difficult circumstances for French citizens and families. Fuel prices at French gas stations have reached historic highs, causing considerable hardship and exacerbating purchasing power issues. Natural gas prices and the overall energy situation are also worrying, and these circumstances are entirely due to the war and the international situation. Macron said that France hopes to take action at the EU level and will communicate with the President of the European Commission on this matter.September 19 - Local time early on the 19th, Riyadh, the capital of Saudi Arabia, was attacked by airstrikes, and the sound of missile interception could be heard in the sky.Saudi civil defense officials said the danger in the Khairji area has been averted.

The chances of a bearish reversal for the USD/CHF rise as bears test the 200-EMA

Daniel Rogers

Jul 19, 2022 11:59

 截屏2022-07-19 上午10.03.58.png

 

The USD/CHF pair has gone sideways after exhibiting volatile volatility on Monday. The asset will likely trade sideways until volatility decreases since it hits resistance at 0.9780. As a result of failing to exceed the crucial resistance level of 0.09000, the asset saw a substantial fall.

 

A major negative reversal was foreseen by the formation of the Double Top chart pattern when the price failed to maintain its position above Tuesday's high at 0.9859. The aforementioned chart pattern frequently indicates waning demand at high levels. A negative reversal is now more likely as a result of the development of a selling tail around high levels.

 

Following the formation of a double top, the asset is forming an initiative selling structure, which points to the entry of those investors who start short positions after a bearish bias has been created. At 0.9767, the major is forming an initiative structure inside the 200-Exponential Moving Average (EMA) border, demonstrating that market participants are respecting the significant EMA.

 

However, the Relative Strength Index (RSI) (14), which signals an oncoming consolidation, has shifted into a range between 40.00 and 60.00. The asset will reach the July 5 top of 0.9705 with a sharp decrease below the July 13 low of 0.9758. If the latter barrier is breached, the asset will be more vulnerable to losses up to the 1. July high of 0.9642.

 

Alternatively, following Wednesday's violation of the 0.9827 high, the dollar bulls may defend the double top pattern. The asset will be propelled by this to its top on Thursday of 0.9886 and then encounter psychological resistance at 1.0000.


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