Daily market review – March 9th 2017

Gold bars

The European stock markets are traded with small declines this morning, towards the publish of the interest rate of the European Central Bank.
The FTSE weakened by 0.4%, the CAC decreasing by 0.3% and the DAX by 0.3%.

The ECB is expected to leave today the current level of interest, even though the inflation in the Euro zone reached the target of 2%.
The ECB President Mario Draghi is expected to announce the continuation of quantitative easing program.

The price of the gold fall back to $ 1,200 an ounce, the worst sequence declines since October, following the publication of US economic data which supported the assessment of a rate hike next week.

China producer price index for February rose by 7.8 compared with analysts’ forecasts an increase of 7.7% and 6.9% in January.
The PPI rising is because the demand in China to fueling commodity prices.

Trading Opportunity
USD/CHF

usd.chf 1h 9.3.17

On an hour chart the pair is on a rising trend.
As seen on the chart, there is a strong diagonal support line.
There is a diagonal resistance line who stopped the pair , but if the pair will go above the level of 1.0160, it will be a sign and an opportunity of the continued rise.

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