2024-01-10 • Updated
This Monday, the SCB (Statistics Sweden) published its CPI data which came out 0.1% better than the forecast and 0.2% greater than the previous. This indicates a strengthening of the Swiss economy and could be a trigger for a decline of other commodities traded against the CHF. Here are some of my trade ideas on that note.
On the 4-hour timeframe of USDCHF, we saw a sharp rejection of price from the resistance level following the NFP data release last Friday. This move broke a minor trendline, and closed below the 200-period moving average on the 1-hour timeframe before touching the trendline support and bouncing back. For now, I consider the current push up to be a retest of the supply zone since it overlaps the 100-period moving average on the current timeframe. Based on these factors, I have a bearish sentiment in place as touching USDCHF.
Analyst’s Expectations:
Direction: Bearish
Target: 0.84406
Invalidation: 0.85822
CADCHF is currently climbing up, in a move that I consider to be a retest of the supply zone, and possibly the 100-period moving average as well. The 76% of the Fibonacci retracement tool is another confluence I would consider in this scenario. Therefore, overall sentiment is bearish.
Analyst’s Expectations:
Direction: Bearish
Target: 0.63439
Invalidation: 0.64049
The overall trend on GBPCHF is confirmed bearish based on the moving average array, and the market structure. My entry confirmations are based on the Fibonacci retracement levels, drop-base-drop supply zone, and the trendline resistance.
Analyst’s Expectations:
Direction: Bearish
Target: 1.08005
Invalidation: 1.08630
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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