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 tested a key demand area
2019-11-11 • Updated
GBP/CHF is looking to resume the bullish bias across the board, following a fall held since April 18, where a resistance area has been established around 1.3855. The pair already made a rebound above the Fibonacci level of 50% at 1.3600, which is also a key psychological zone. If the move gets sustained for the short-term, then we would expect a rally towards the -23.6% Fibo level at 1.3972. However, if the pair manages to break below 1.3600, it can plummet towards 1.3454 (Fibo area of 78.6%).
RSI indicator is hovering around overbought territory.
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!
What happened? It looks like the decline in EUR/CHF to 1…
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.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.