Daily F.X. Analysis, September 11 – Top Trade Setups In Forex - PPI Ahead! 

On Wednesday, the Asian session was a bit fragile as investors don't see any significant economic event which could shake the market. Weak trader's confidence has boosted the dollar and weakened the safe-haven yen lately.

Nevertheless, forex markets held to narrow trading ranges before series of main central bank gatherings across the week. 

Trade focus, for now, is centered on the European Central Bank's meeting, which is due on Thursday, which is expected to push interest rates even further into negative territory.

Economic Calendar - PPI Data Ahead

BTC/USD - Daily Forecast

Bitcoin price is gradually decreasing and lately broke the $10,000 support area versus the U.S. Dollar. The price is suffering a difficult task, and it might extend to struggle around $10,250 and $10,300.

There is a primary bearish trend line building with resistance around $10,250 on the hourly timeframe of the BTC/USD pair. 

The technical side of the market remains the same, mostly. The BTC/USD proceeds to trade below 50 periods exponential moving average, which is extending strong resistance at 10,400. Below 10,400 trading level, the Bitcoin is likely to go after 9,820.

RSI and Stochastics have entered the selling zone, crossing below 50 regions. 

BTC/USD - Daily Technical Levels

Support     Resistance 

10,055.76    10,785.19

9,768.66      11,227.52

9,039.23      11,956.95

Pivot Point 10,498.09

BTC/USD – Daily Forecast

Bitcoin slipped lower to complete 61.8% Fibonacci retracement at 9906 area but has managed to close above the support zone. On the upper side, resistance stays at 10,250. The bearish bias is stronger today, and therefore, the violation of 9906 can extend the selling trend until 9625.

EUR/USD – Sideways Range Remains Intact

The EUR/USD currency pair still consolidates in a narrow range due to all-important rate decisions by the European Union central bank, which is scheduled to release at 11:45 UTC on Thursday.

As of writing, the currency pair is presently trading at 1.1050 and showing marginal losses today. Today, the EUR/USD currency pair built a Dojis candle, showing uncertainty in the market and from that time the currency pair has been restricted between the range of 1.1085-1.1017.

On the flip side, the European Central bank is awaiting more stimulus on Thursday in the way of the rate cut. So the markets are fully sure for a 10-basis points rate cut in the deposit rate to -0.5% from the current -0.4%.

Also, the central bank is thinking about to restart the quantitative rate cut program from October and declare on the same day.

From the technical perspective, the EUR/USD currency pair is caught in a tight range on the four-hour chart. A break above level 1.1056 would confirm range breakout and could hit the level of 1.1085. Therefore the breakdown may give the selling pressure in the pair, likely Yeilding retest of the level below 1.10.

EUR/USD - Daily Technical Levels

Support Resistance 

1.1012     1.1049

1.0997     1.1072

1.096       1.111

Pivot Point 1.1035

EUR/USD – Daily Forecast

The single currency Euro is likely to trade with bearish sentiment below 1.1060, the double top pattern. On the lower side, support prevails at 1.1025. Since the bullish sentiment is a bit stronger, pair may hit 1.1088 in case of the bullish breakout at 1.1060 level today.

GBP/USD - Series of Doji Candles In Focus  

GBP/USD currency pair showing 0.1% gains to 1.2353, the GBP/USD pair gained some support due to the parliament prorogation and cancelling the law of no-deal Brexit. But due to various tensions like political plays surrounding the departure and the PM Boris Johnson future keep the figures under pressure, whereas the pair is trading at 1.2350 on the chart in the early London open today.

Besides this, the United Kingdom Prime Minister Boris Johnson is still under pressure, such as due to domestic politicals and the European Union, after he wasted all kinds of proposals supporting his commitment to depart the European Union on October 31 without any options anymore. 

Moreover, the news came from the sun says that Prime Minister Boris Johnson is possibly taking the negotiated Brexit deal to give a new push for his dream exit date. 

On the flip side, the Greenback expects the key consumer-centric data, the Europen Central Bank meeting for the new inspiration whereas mostly being away from the buyers due to having expectations of the United States and China trade discussion. 

We can say, the Augusts producer Prices Index data may offer intermediate trade support to the GBP/USD currency pair.

At the data front, Estimates favor headlines PPI to continue to unchanged at 1.7% (YoY) and soften a bit to 0.0% from 0.2% on MoM whereas PPI ex-Food & Energy is likely increasing to 2.2% from 2.1% on a yearly format. 

 GBP/USD - Daily Technical Levels

Support Resistance 

1.2264     1.233

1.2238     1.237

1.2171      1.2436

Pivot Point 1.2304

GBP/USD – Daily Forecast

Most of the market sentiment is same. Sterling still has strong support at 1.2330 and the bearish breakout of which can trigger a sell-off until 1.2275. While the continuation of a bullish trend and breakout of 1.2370 resistance can lead GBP/USD towards 1.2400 and 1.2424.

All the best for today.