Best Trade Ideas for April
I know we've had quite an amazing run these past few month, with over 78% accuracy in our trade ideas and sentiments, and thousands of pips in profits monthly...
USD/CHF moving up within the triangle pattern
Information is not investment advice
On the H4 chart of USD/CHF, we may see the following picture. Since the beginning of the last week, the USD has been dropping against the CHF, leaving the resistance level for the bulls at 0.9967. The support level of 0.9842, formed by the previous low, was not reached. But the price pinched through 0.9857 and bounced up from 0.9870, leaving it as the last support level. This altogether appears as a forming triangle pattern.
The RSI indicator has been following the same direction. If we see the last high of the USD/CHF, it corresponds with the same for RSI, which touched the overbought level of 70% a week ago and started dropping. It crossed the oversold level of 30% upside-down at the same time when the currency pair reached its low and started moving up.
The above gives us reasons to think that the price may be moving up to the next resistance of 0.99436, and then is likely to bounce back down.
Similar
CAD Might Weaken As Oil Market Plunges
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Bitcoin & Gold - Safe Haven Amid Bank Crisis
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Popular
What Will Happen with the Euro? An Economic Perspective.
eurusd-is-falling-what-to-expect-from-the-future-price-movement
Will Australia's "Rampant Inflation" Prevail in May?
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
How Will BoJ Meeting Affect the Yen
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus
Choose your payment system
