I know FED is playing big moves ahead so far to prevent the State from the pandemic before it may cause more disruption around the country. The reason is beyond technical analysis for me to think even slightly how this pair might gonna end up trending upward. The big moves which I'm talking about from fed were the double rate cut within a month and some repo market actions. They aren't taking things slightly any more the moment when they decided to drop their benchmark rate around 0%-0.25% and some big Qe plans coming later. I know most of global central banks honchos are too serious about this pandemic at this moment and Fed has already shown us the real action lately which should slowly help to resolve the issue which had generated by that pandemic "coronavirus" within the state and its economy. Lastly don't forget about Swiss National Bank Intervening to Weaken Franc on recent data from the central banks. They just don't like their currency to get overvalued for various reasons. These conditions let me assume this pair may probably make some new swing highs.
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SNB total sight deposits 13 March CHF 603.0 bn vs CHF 598.5 bn prior
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Good start as expected dollar-dominated last night over this pair so the price was able to make fresh higher high (50pip movement from entry-level) and now floating above the weekly pivot level indicating buyers strength.
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The sentiment is looking fine for bulls
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Great week and 70pip+ already in pocket yap
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Yikes! What a smash around 61.80% and seems like price breakout the falling trendline too. It doesn't look fakeout so far knowing the strength of momentum during the break! That was too soon to even expect but lucky we wow!
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Beyond 200 pips in the pocket! What can be better then that
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SNB leaves policy rate unchanged at -0.75%
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- To intervene more strongly in the FX market to stabilize the situation and says Swiss franc is even more highly valued. They are about to take additional steps to ensure liquidity as necessary and examining whether or not to relax the countercyclical buffer.
@transparent-fx, Nice retracement plan sir I see your COT report indicating institutional offloading their shorts while increasing their longs on swiss but seeing the greenback data it still feels like bulls aren't willing to let the bear have the ball as I couldn't see any increment in shorts while decrement in longs. Let see how this week goes on but I think retracement may be possible if we see some drastic changes in the positions for the greenback in COT supporting the bearish.