ONLINE FOREX BROKER
2020-02-10 • Updated
AUD/CHF formed a higher low on the H1. The pair may be forming something like a “Crab” harmonic pattern. It has support around 0.6543 and may rise to the area between 0.6572 and 0.6582, where it will meet resistance (100-period MA on the H4, the line connecting January 29 and February highs). From that point, the possibility of a correction to the downside will be high.
At the same time, if the market sentiment improves and AUD/CHF breaks above 0.6592, an inverted “Head and Shoulders” pattern will form and the price will head towards 0.6678 (50% retracement of the December-February decline) and 0.6655 (200-period MA).
BUY 0.6545; TP 0.6575; SL 0.6535
BUY 0.6595; TP 0.6628; SL 0.6585
Later today Tiff Macklem, the governor of the BoC (Bank of Canada) is expected to speak at the Riksbank's International Symposium as part of a discussion panel on 'Central Bank Independence'.
If you've followed my analyses closely for a while now you'll already understand why I always look to the price action on the DXY (US Dollar) chart for clarity on how to approach trading the major pairs. Looking at the chart above, we see clearly the descending wedge leading price off right into the PIVOT demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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