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.
USD/CHF after the breakdown
Information is not investment advice
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.
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.
Asian equity markets traded cautiously after the mixed lead from Wall St where most indices stalled at record levels
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