CommoditiesTrader
Short

USDCHF is a dollar proxy, signaling continued gold support

FX:USDCHF   U.S. Dollar/Swiss Franc
Here is my short-term view: http://tinyurl.com/lqbpexp

A continued weakened USDCHF             will support gold             prices.
Eh, W4 flat correction-- expect that trend-line to be taken out in c of B wave
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Guess it's good I don't surf ;) New highs are unlikely to be taken out.
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NickCoulby PRO CommoditiesTrader
Yea, I would agree the highs unlikely to be taken out (aka flat correction), although they could be temporarily (expanded flat)-- just addressing your resistance line that has a good chance of being broken to the upside in the near term, don't buy the breakout.. C wave going to bring it back down xD.. Bullish gold on weekly TF
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NickCoulby PRO NickCoulby
60 min thought process
snapshot
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NickCoulby PRO NickCoulby
Why I hold this 60 min view (alternation)
USDCHF going lower
+1 Reply
I agree with that view point long term
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Potentially, assuming there is dollar buying IMO. Price action is still weak, and there are a few price point resistance areas that have to be broken.

Also, RSI is curling over; and, if you extend the downward trend you have on the RSI, it would meet just about where it is curling.

I agree that near-term it may be flat, but if there is no reason to buy dollars, the longer it lingers, the more likely for a technical breakdown. That's a plus for gold, and what I was getting at.
+1 Reply
Easy Peasy. Both pairs hit there respective mark. Looking for the trend to continue.
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I believe that every real currency pair that includes the US Dollar is a Dollar proxy, wouldn't you agree?
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No, not really because you have to take into account the pegged currency, which can out- or underperform the dollar. If you notice, the USDCHF tracks the DX almost identically, while the USDJPY and USDCAD can decouple.
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vlad.adrian PRO CommoditiesTrader
They decouple when there is another important trend in the opposite currency. Right now, the only trend is in the dollar, so all dollar pairs perform more or less the same. On the long run, 1% more or less wont matter.
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Not what I'm getting at, though.
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CommoditiesTrader CommoditiesTrader
Sure, movement can be similar but not the same currently. The purpose of the piece was using the USDCHF as a DX subsitute for those not trading futures, along with using multi-asset analysis.
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CommoditiesTrader CommoditiesTrader
USDCHF Tracks the Dollar Index More Than Other Dollar Pairs
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