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
Reply
CommoditiesTrader NickCoulby
2 years ago
Guess it's good I don't surf ;) New highs are unlikely to be taken out.
Reply
NickCoulby PRO CommoditiesTrader
2 years ago
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
Reply
NickCoulby PRO NickCoulby
2 years ago
60 min thought process
snapshot
Reply
NickCoulby PRO NickCoulby
2 years ago
Why I hold this 60 min view (alternation)
USDCHF going lower
+1 Reply
CommoditiesTrader NickCoulby
2 years ago
I agree with that view point long term
Reply
CommoditiesTrader NickCoulby
2 years ago
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.
Reply
I believe that every real currency pair that includes the US Dollar is a Dollar proxy, wouldn't you agree?
Reply
CommoditiesTrader vlad.adrian
2 years ago
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.
Reply
vlad.adrian PRO CommoditiesTrader
2 years ago
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.
Reply
CommoditiesTrader vlad.adrian
2 years ago
Not what I'm getting at, though.
Reply
CommoditiesTrader CommoditiesTrader
2 years ago
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.
Reply
CommoditiesTrader CommoditiesTrader
2 years ago
USDCHF Tracks the Dollar Index More Than Other Dollar Pairs
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out