ONLINE FOREX BROKER
2019-11-11 • Updated
Trade ideas
BUY 0.9950; TP1 0.9980; TP2 1.0015; SL 0.9935
BUY 0.9860; TP1 0.9910; TP2 0.9980; SL 0.9840
USD/CHF shot up last week from the 200- and 100-week MAs in the 0.9840/50 area and reached the 0.9940 zone where it met some resistance. The pair formed a higher low and broke above resistance line from early May. Indicators show that it has the potential to shoot upwards, although this may happen after a correction lower. The break above 0.9950 will open the way up to 0.9980 (200-day MA) and 1.0015 (June high). The closest support is at 0.9910 (50-day MA). If USD/CHF falls below it, traders will have a chance to place bullish bets at 0.9860 (support line connecting June and July lows).
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.
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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?
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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