Consequently, if the trade war fully breaks out, China could try to decrease its national currency. It could damage Swiss export and support the price of gold . Gold has already reached the level of $1300. The question is: ‘What will happen with the US dollar?’. In fact, the dollar can be considered as a ‘safe heaven’ currency. Also, China could start selling American Treasuries which can give the US dollar a short-term push up.
Meanwhile the pair USD/CHF has been correcting. The correction started on 8-th of May. The pair reached its local minimum yesterday and reversed up.
1D TF - displays a global
4H TF - The trend is , but the pair broke the local up and started moving to the 38,2% Fibo correction level (1,01061). lines are intersecting and reversed – thus there are signals to open ‘longs’.
Summary: it is possible to open long positions if the pair breaks its short 9-EMA (1,0080). In this case the next possible target is the 38,2% Fibo correction level.