Welcome friend!

What September can bring us?

 

In last comment I wrote that the worst was behind us. It looks like situation is not that good as I wanted it. Let's hope this month will bring more profits.

The first market we will look at this month is USD/CHF. As we can see level 1.05 has been broken. It means that long consolidation is finished and market went down from it. It is possible that market will try to get back above that level. But it should not go any higher. Chart looks like set for some downtrend. Range of that move allows market to touch 1.01 level. If dollar breaks above 1.0550 this scenario will not be valid.

USD/CAD market also looks very interesting. Important level at 1.10 has been broken but there is also positive divergence on the chart. It is visible both on RSI and MACD indicators. If dolar closes above 1.1 market will have a chance to test even 1.15 level. There is a risk that market can close below 1.065 or trend lines on the indicators can be broken. In such case positive scenario will lose it's power.

British pound looks very bad and on many markets it is very weak. If market closes below 1.71 we will have some signal that long positions on this market are too risky. This could result in serious decrease of pound value and we could expect a test of 1.65 level. This is the range of move for this kind of consolidation we have.