During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
USD/CHF after the breakdown
2019-11-11 • Updated
Trade idea
SELL 0.9920; TP1 0.9895; TP2 0.8950; SL 0.9935
Last week USD/CHF broke below the uptrend support line of 2018. It’s now providing resistance for the price at 0.9965. Another obstacle on the upside is in the form of the 50-week MA at 0.9950. Finally, the psychological parity level of 1.00 is also now a resistance.
The USD recovered this week, but if American retail sales figures due at 15:30 MT time disappoint, USD/CHF will turn back down. The target will be at 0.9895 (March low). The major support is at 0.9845 (200-week MA). Only above 0.9970 the USD will have a chance to rise to 1.00 and 1.0035.
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Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
Bearish scenario: Sell below 2200 / 2194 ... Nearest bullish scenario: Buy above 2197... Bullish scenario after retracement: Consider buys around each indicated demand zone