Last Tuesday, the Australian dollar experienced its steepest drop of the year, falling by 1.18%, following higher-than-expected US inflation figures, which boosted the US dollar. However, the Aussie has since rebounded and is now trading at a two-week high against the US dollar. Investors are...
USD/CHF: bears practice deceit
2019-11-11 • Updated
TP1 1.0085 TP2 1.0145
On the daily chart, USD/CHF is getting outside of the trade channel. This increases the odds of correction. If bears manage to pull the pair below support at 0.9890 and fix below it, chances of continuation of the pullback to 0.9775-0.9800 will increase.
On H1, return to the middle of the previous consolidation range of 0.9940-1.0035 will trigger “Shakeout-Fakeout” and be a signal for opening longs. There we also find the lower border of an uptrend channel.
Swiss National Bank (SNB) President Thomas Jordan has expressed that the recent appreciation of the Swiss franc has reached a point where it could significantly influence the inflation outlook. This observation indicates apprehensions regarding the strength of the Swiss franc and its potential consequences for inflation dynamics.
This Monday, the SCB (Statistics Sweden) published its CPI data which came out 0.1% better than the forecast and 0.2% greater than the previous. This indicates a strengthening of the Swiss economy, and could be a trigger for a decline of other commodities traded against the CHF. Here are some of my trade ideas on that note.
On Friday, the gold price (XAUUSD) retreated from a recent two-week high, facing selling pressure. This decline was driven by hawkish minutes from the FOMC meeting, indicating the Fed's reluctance to cut interest rates. Elevated US Treasury bond yields, supported by a "higher-for-longer" narrative, further weakened demand for gold...
Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.