What happened? It looks like the decline in EUR/CHF to 1…
USD/CHF: price to test nearest support
2019-11-11 • Updated
The market has been rising since the last 'Pennant' pattern formed. However, there's a 'V-Top' pattern, which has been confirmed. Thus, it's likely to have a local downward correction towards the nearest support at 1.0098 - 0.0083. If a pullback from these levels happens next, there'll be a moment for another decline. In this case, we should watch the closest resistance at 1.0169 - 1.0190 as a potential bullish target.
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?
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.