CHF - Longer term: Where to next? And why does it matter?
$CHF Longer Term Time Frame
Where to next? And why does it matter?
As we head into month end, it's when I am looking at the monthly time frames to indicate to me the key important areas we are in and how will the candle close.
CHF and many of the other G10 spot currencies are at very interesting areas longer term, if these key areas were to end further in the momentum it's going we will be have further clear clarification of price action.
Technical View: Pattern - Within a wedge formation a break to either direction confirmation is needed. However, if we was to go above 50EMA and a close above 0.94800 areas then bulls will gain further control towards upside towards 0.99850 -1.10000 areas. If we don't and we always have the beautiful support of 21EMA anywhere below that we go towards support range of 0.91550 areas.
Fundamentals:
CHF known as safe havens... As precious metals decline further ( A chart was shared on the private groups I am part of) and with Feds Hawkish we've had a lot of bids coming in for DXY, it's part of the market rotation and this may accelerated further. March meeting FOMC is expected to do it's first rate hike. However, don't forget we want get at a great bargain and stick to your trade plan.
(Do you realise the pattern yet?)
Key Tip: Longer TF = Shorter TF movement!
Trade Safe
TJ
Disclaimer: Not Financial Advice
Where to next? And why does it matter?
As we head into month end, it's when I am looking at the monthly time frames to indicate to me the key important areas we are in and how will the candle close.
CHF and many of the other G10 spot currencies are at very interesting areas longer term, if these key areas were to end further in the momentum it's going we will be have further clear clarification of price action.
Technical View: Pattern - Within a wedge formation a break to either direction confirmation is needed. However, if we was to go above 50EMA and a close above 0.94800 areas then bulls will gain further control towards upside towards 0.99850 -1.10000 areas. If we don't and we always have the beautiful support of 21EMA anywhere below that we go towards support range of 0.91550 areas.
Fundamentals:
CHF known as safe havens... As precious metals decline further ( A chart was shared on the private groups I am part of) and with Feds Hawkish we've had a lot of bids coming in for DXY, it's part of the market rotation and this may accelerated further. March meeting FOMC is expected to do it's first rate hike. However, don't forget we want get at a great bargain and stick to your trade plan.
(Do you realise the pattern yet?)
Key Tip: Longer TF = Shorter TF movement!
Trade Safe
TJ
Disclaimer: Not Financial Advice