Crypto Market Changes The Trend

Information is not investment advice

Happy Tuesday, dear traders! Here’s what we follow: 

• Morgan Stanley warns again that US stocks may soon fall. Bank of America and JPMorgan are saying that time to sell European stocks.
• The dollar fell to a more than one-week low against major currencies as investors continued to price in interest rate cuts this year.
• Hedge funds place the biggest shorts ever on the US Treasuries. It is the fifth straight week that net shorts have increased.
• Today Coinbase filed a narrow action in federal court to compel the SEC. The exchange wants the response to July 2022 petition asking the SEC to use its formal rulemaking process to guide the crypto industry. The price of BTC and other cryptocurrencies continues to decline as regulators' pressure on the sector increases.
• Standard Chartered CEO warns of risks in the banking sector that haven’t “come home to roost” (has many dangers on the way).  
• The head of the Central Bank of Japan stated that, at the moment, it is appropriate to maintain the current monetary policy. However, with rising inflation and wages, an increase in the rate is possible.
• According to Bloomberg, traders Expect a 1.5% Fed rate cut by mid-2024.

CADCHF technical analysis

On the weekly timeframe, the price has reached the lower border of the global descending channel. Moreover, the price moves inside another descending channel on a lower timeframe. This setup highlights the possibility of a possible reversal within the upcoming days with major targets at 0.6800 and 0.6934, around 3500 points of profit from the current level.

Have a great trading session! 

FBS Analyst Team

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