i like trying a USDCHF higher trade here.
Nice hammer on the daily chart.
I think that USDCHF is mostly a USD story along with CHF being relatively resilient due to the SNB having their surprise hike this year so somewhat creditable. i think USD weakness has reached its peak now on last weeks US CPI data point as we saw massive USD selling on this.
The premise of the recent USD fall/rise in stocks was on peak fed due to us recession worries, i think this is a stale story now that US CPI fell last week and US labour data has come out strong still. I think we overall go back to the idea of the fed continuing to hike rates, less expectations of rate cuts in 2023 and less US recession worries for now. Should see a further rise in US yields which should boost the USD. Some fed members have pushed back on US CPI falling correlating to less hikes/rate cuts in the future so i think this should help the USD as well.
We still have global growth worries and over global tightening so i think we should see a strong USD still in this environment.
USDCHF sentiment was extremely low last week which is usually a good sign of a potential move higher.
not trading/investment advise, feedback welcome!
Nice hammer on the daily chart.
I think that USDCHF is mostly a USD story along with CHF being relatively resilient due to the SNB having their surprise hike this year so somewhat creditable. i think USD weakness has reached its peak now on last weeks US CPI data point as we saw massive USD selling on this.
The premise of the recent USD fall/rise in stocks was on peak fed due to us recession worries, i think this is a stale story now that US CPI fell last week and US labour data has come out strong still. I think we overall go back to the idea of the fed continuing to hike rates, less expectations of rate cuts in 2023 and less US recession worries for now. Should see a further rise in US yields which should boost the USD. Some fed members have pushed back on US CPI falling correlating to less hikes/rate cuts in the future so i think this should help the USD as well.
We still have global growth worries and over global tightening so i think we should see a strong USD still in this environment.
USDCHF sentiment was extremely low last week which is usually a good sign of a potential move higher.
not trading/investment advise, feedback welcome!
Comment:
take profit moved to 0.95682
Comment:
taking this out here for 1.53 win