USDCHF is a dollar proxy, signaling continued gold support

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

A continued weakened USDCHF             will support gold             prices.
I believe that every real currency pair that includes the US Dollar is a Dollar proxy, wouldn't you agree?
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.
vlad.adrian 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.
Not what I'm getting at, though.
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.
CommoditiesTrader CommoditiesTrader
Easy Peasy. Both pairs hit there respective mark. Looking for the trend to continue.
Eh, W4 flat correction-- expect that trend-line to be taken out in c of B wave
Guess it's good I don't surf ;) New highs are unlikely to be taken out.
NickCoulby 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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