The tax reform has been approved by the House of Representatives and the Senate, currently awaiting the signature of US President Donald Trump. There is no more reaction on the market, as investors expected such a turn of events. Very good data came from the Canadian economy, resulting in CAD being the strongest currency in the major's basket.
On Friday 22nd of December, the event calendar is busy with the important news releases: KOF Economic Barometer data from Switzerland, Current Account and Final GDP from the UK, Gross Domestic Product from Canada and Durable Goods Orders data from the US.
EUR/CJF analysis for 22/12/2017:
Switzerland KOF economic barometer indicator was released at the level of 111.3 vs 110.5 expected, which confirmed an improve in general sentiment. The reading is relatively solid, well above expectations and at the highest level since 2010. The KOF Economic Barometer is one or two quarters ahead of the GDP growth rate of the previous year and thus enables an initial estimate to be made of how the Swiss economy will perform in the next or in the next two quarters.
Let's now take a look at the EUR/CHF technical picture at the H4 time frame. The market has been trading inside of a sideways consolidation zone between the levels of 1.1584 - 1.1739 for some time now The bulls have managed to make a marginal higher high at the level of 1.1749, but they were not strong enough to hold the level and price went back to the zone. As long as the market is trading above the golden trend line support (around the level of 1.1640), the outlook remains bullish.
Market Snapshot: Crude Oil remains in triangle
The price of Crude Oil is still trading inside of a triangle that was made above the golden trend line support. This is a trend continuation pattern, so as long as this trend line is not violated, the outlook remains bullish, The nearest support is seen at the level of 56.78 and the nearest resistance is seen at the level of 59.04.
Market Snapshot: GBP/JPY consolidating the gains
The price of GBP/JPY had bounced from the 61% Fibo at the level of 149.41 and shoot back up towards the level of 151.91. Currently, the market stayed there and the price is trading in a small triangle pattern, which suggest a further advance towards the level of 152.82 is still possible. The nearest support is seen at the level of 151.05.
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