USDCHF Looks for Decisive Break Of Triangle to Target 1.03000!
Whilst markets on RISK ON moods, the SAFEHAVEN FX pairs such as JPY and CHF TURN OFF the investors. In this case CHF is paired with the USD, which just thinking fundamentally about it is the best pair to trade alongside USDJPY when the markets are in RISK ON mood! While DXY (DOLLAR INDEX) has been declining in the last days this pair however has been building gains to go along. Now just imagine when the USD (DXY)starts gaining traction, it will most likely make USDCHF jump northwards propelling it to the next resistance that lies at 1.03000 level
Fundamentally the DXY is consolidating as EUR recovers. Once the EURUSD recovery is complete which could happen at around 1.145000 level, we may likely see USD bulls returning with sharp buying pressure which would result in USDCHF trend upwards.
Now for this to happen technically, have a look at the main chart where price seems to be confined in a slightly elevated triangle with the upper trendline preventing the breakout of this pair. We need the price of weekly candle to close above this trendline of the main triangle to confirm any long entry! After this is complete we have to let the pair retrace slightly before placing a BUY order with the potential target of 1.03000 in our sight!
I hope you find my analysis useful, if so i would appreciate if you leave a LIKE and FOLLOW me if you want to receive more analysis. Once the trade criteria are met i will post the entry details in a post with this analysis attached. cheers and thank you
Fundamentally the DXY is consolidating as EUR recovers. Once the EURUSD recovery is complete which could happen at around 1.145000 level, we may likely see USD bulls returning with sharp buying pressure which would result in USDCHF trend upwards.
Now for this to happen technically, have a look at the main chart where price seems to be confined in a slightly elevated triangle with the upper trendline preventing the breakout of this pair. We need the price of weekly candle to close above this trendline of the main triangle to confirm any long entry! After this is complete we have to let the pair retrace slightly before placing a BUY order with the potential target of 1.03000 in our sight!
I hope you find my analysis useful, if so i would appreciate if you leave a LIKE and FOLLOW me if you want to receive more analysis. Once the trade criteria are met i will post the entry details in a post with this analysis attached. cheers and thank you
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