What happened? It looks like the decline in EUR/CHF to 1…
USD/CHF broke above the parity
2019-11-11 • Updated
- USD/CHF broke above the parity
- Next buy target - 1.0100
USD/CHF continues to rise following the earlier breakout of the parity - which reversed the price with the daily Shooting Star Japanese candlesticks reversal pattern earlier this month – as can be seen below. If the pair closes today above the parity - USD/CHF can then be expected to rise further to the next buy target at the next resistance level 1.0100 (forecast price for the completion of the active minor impulse wave 3 from last week).
The US Dollar has been losing value against the Swiss franc for more than a month now. Let's examine where it might be going.
Weaker dollar - cheaper dollar. What else may be a conclusion to be drawn from the USD's weakening?
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.