Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
How to trade USD/CHF?
Information is not investment advice
USD/CHF has made an impressive movement to the downside. The pair has closed on Wednesday below the 61.8% Fibonacci retracement in the 0.9455 area. The next Fibo level lies at 0.9340. On the W1 and the D1, there’s potential for further downside. On the H4, the pair looks a bit oversold, so that bull may initiate a correction. Resistance will lie at 0.9455 and 0.9500.
Trade ideas for USD/CHF
SELL 0.9390; TP 0.9340; SL 0.9405
BUY 0.9465; TP 0.9500; SL 0.9445
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
U.S. stocks are set to open lower later, on a combination of the pandemic news and the downbeat news from Tech’s Old Guard late on Thursday.
Oil fell below $52.00 because investors expect a weaker oil demand amid rising Covid-19 infections and new lockdowns.
Asian equity markets traded cautiously after the mixed lead from Wall St where most indices stalled at record levels