The USDCHF continues to be very noisy, as we are hanging around the 0.92 level- Forex Trading FX Money Markets
initially tried to rally during the trading week but has given back the gains to form an inverted hammer. This is not a good look, and it does suggest that we are going to continue to see a lot of negativity. At this point, I think a move below the 1.1850 level is what people are waiting on, and when that happens, I think that we see a pretty significant drop down to the 1.15 level.
On the other hand, if we can break above the top the candlestick then we could threaten the double top near the 1.24 level, but that’s the least likely scenario.initially tried to rally during the week as well but has given back quite a bit of the gain to also form an inverted hammer.
Breaking above the top of the candlestick would open up the possibility of attacking the 0.7150 level, but I just don’t see that happening without some type of external pressure.has rallied against the Japanese yen to attack the ¥100 area. We could not break above there, but for me that is essentially an area where we need to pay close attention to. If we can break above ¥100, then I don’t see any reason why this market will go look into the 140 and level.
However, I don’t necessarily think that we have a lot of momentum or anything in this market that suggests you should be going into it heavily. I think you are probably going to see a lot of back-and-forths sideways trading, so short-term traders will probably like this market.markets have fallen rather hard during the week but did find a bit of support just above the 50-Week EMA. Ultimately, I think we are trying to turn things around, as it looks like the market overall is going to be heading for safety, which in and of itself might make gold attractive just as it makes the US dollar attractive.
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