In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes reports...
CHF: CPI’s Expected Impact on the Market
2024-01-10 • Updated
This Monday, the SCB (Statistics Sweden) published its CPI data which came out 0.1% better than the forecast and 0.2% greater than the previous. This indicates a strengthening of the Swiss economy and could be a trigger for a decline of other commodities traded against the CHF. Here are some of my trade ideas on that note.
USDCHF - H4 Timeframe
On the 4-hour timeframe of USDCHF, we saw a sharp rejection of price from the resistance level following the NFP data release last Friday. This move broke a minor trendline, and closed below the 200-period moving average on the 1-hour timeframe before touching the trendline support and bouncing back. For now, I consider the current push up to be a retest of the supply zone since it overlaps the 100-period moving average on the current timeframe. Based on these factors, I have a bearish sentiment in place as touching USDCHF.
CADCHF - H4 Timeframe
CADCHF is currently climbing up, in a move that I consider to be a retest of the supply zone, and possibly the 100-period moving average as well. The 76% of the Fibonacci retracement tool is another confluence I would consider in this scenario. Therefore, overall sentiment is bearish.
GBPCHF - H4 Timeframe
The overall trend on GBPCHF is confirmed bearish based on the moving average array, and the market structure. My entry confirmations are based on the Fibonacci retracement levels, drop-base-drop supply zone, and the trendline resistance.
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In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes...
Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
After creating record highs, Wall Street's main indexes opened on Wednesday and began to edge lower, reflecting cautious sentiment among investors. They're eagerly awaiting crucial inflation data that could impact the U.S. Federal Reserve's interest rate decisions. The upcoming release of the personal consumption expenditures (PCE) price index is expected...
The month of February saw markets make several instinctive moves as well as create opportunities for proper leveraging of fundamental releases. Despite being a leap-year, there wasn’t any real impact on price delivery in the course of the month. As we await the opportunities that lie ahead in the month of March, here are a few thoughts to consider.
USD/CHF saw a rebound after declining for two days straight, climbing towards the important psychological level of 0.8800 during Wednesday's early Asian trading session. There's some pressure on the Swiss Franc (CHF) as traders await the Swiss ZEW Survey – Expectations report scheduled for later today. Moreover, investors are keeping...