ONLINE FOREX BROKER
2019-11-11 • Updated
Recommendation: BUY 1.01 SL 1.0045 TP1 1.018 TP2 1.022 TP3 1.032
On a daily chart of USD/CHF, there is a reversal as a part of a transformation of the “Shark” pattern into 5-0. The update of November’s maximum will let the bulls to reach the targets of the “Wolfe Waves” and AB=CD patterns. The potential of an upward movement is very high.
On H1, the pair stuck in a “death zone”. The bullish pressure will continue only if the resistance at 1.01 is broken. Otherwise, if the support at 0.9915 is broken as a part of the “Broadening wedge” pattern, the pair can fall further down.
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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