Forex Signals Brief for Oct 27: Markets Under Pressure
Rowan Crosby • 2 min read
US Market Wrap
US markets got hit hard yesterday, as concerns continue to grow about ever-increasing COVID cases with another outbreak in China and the prospect of a Biden victory at the polls.
The SPX dropped nearly 2%, while in Europe the DAX saw falls nearly twice that level.
Interestingly, the majors didn’t see the same levels of volatility. In fact, the risk on pairs where subdued, if not, resilient. While the USD didn’t get bid up to the same extent we might expect either.
The Data Agenda
The week started with very limited data and once again we won’t be seeing any top-tier numbers until later in the US session.
Today, we get the latest data on consumer confidence which is showing an ever-so-small increase. While earlier in the session, we get core durable orders which are stagnating from the last count.
The lack of data means that once again sentiment will be the key driver and at the moment and that is looking rather bearish – so we can expect volatility to increase.
Forex Signal Update
The FX Leaders Team finished with just the one winner from two trades in what was a busy session with equities tumbling. We have seven open signals so look to the forex signals page for all the latest developments.
EUR/CHF – Active Signal
The EUR/CHF didn’t move far yesterday but is still holding nicely under that key resistance level.
USD/CAD – Active Signal
The USD/CAD was one of the few pairs to really move on us, and it broke higher. We remain short here.
BTC continues to hold higher and held up when equities declined.
Price is also still above the $13,000 level and that makes me bullish on where the leading crypto is sitting at the moment.
If equities rebound, I expect Bitcoin to outperform to the upside.