Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP/CHF reversed from support area
2019-11-11 • Updated
- GBP/CHF reversed from support area
- Next buy target - 1.2500
GBP/CHF recently reversed up with the daily Bullish Engulfing from the support area lying between the strong support level 1.2280 (which has reversed multiple previous downward waves from the middle of March, as can be seen from the daily GBP/CHF chart below) and the lower daily Bollinger Band. The upward reversal from this support area started the active minor impulse wave (iii). GBP/CHF is expected to rise to the next buy target at the next resistance level 1.2500.
Besides US Retail Sales data, Australian Unemployment Rate and New Zealand GDP this week will bring us Quadruple Witching – one of the four most important days of a year for futures and options!
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Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
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