2019-11-27 • Updated
Trade ideas
SELL 0.9965; TP1 0.9947; TP2 0.9930; SL 0.9975
BUY 1.0005; TP 1.0030; SL 0.9990
The USD is awaiting American economic figures that are due later today (preliminary GDP growth, durable goods orders, core PCE price index, personal spending, and Chicago PMI). The figures may bring some volatility to USD/CHF.
For the past couple of days, USD/CHF has been consolidating below the resistance line that connects the highs of October and November in the 0.9990 area. Notice that this is just below the 1.0000 mark - the parity level that naturally represents a considerable obstacle for buyers. In addition, the price has reached the upper Bollinger Band on the D1 and the Stochastic Oscillator is in the overbought area. This too should make the advance more difficult. On the downside, support has been around 0.9965. The decline below this level will open the way down to 0.9947 (200-day MA). Earlier this line didn't manage to hold the price action. The next levels to watch on the downside are at 0.9927 and 0.9885 (the 50- and the 100-day MAs respectively). Such a scenario will come into play if the market risk sentiment worsens.
If the United States and China keep moving towards a phase 1 trade deal and America releases decent economic data, USD/CHF may try for a break of resistance. If the pair settles above 1.0000, the new bullish targets will be at 1.0030 (October high) and 1.0050.
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...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
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...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
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...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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