Tomasz Wisniewski
Axiory Global Ltd.
Stocks are climbing up; Gold is undergoing a bearish correction so it looks that risk associated with the Middle East tension is gone. Maybe yes, but there still is one instrument from the safe heaven group, which is showing a great strength – Swiss Franc.
We will start with a small update about the USDCHF, which we were talking about few days ago. Back then, we pointed at the flag pattern and the price bouncing from the crucial resistances. We were bearish. USDCHF did not disappoint us and easily broke the lower line of the flag aiming south. Yesterday’s breakout triggers us a legitimate sell signal.
Next one is the AUDCHF, which also was on our radar in one of our previous analysis. Here, there was no surprise as well. The price tested crucial resistances and after drawing a flag, went lower. The sentiment is negative and the AUDCHF is aiming the lows from the August 2019.
Last one is the EURCHF, where we have a similar setup, so a breakout of the lower line of the flag and a sharp drop. We are also mentioning this instrument to show You the power of the technical analysis. The price patterns in particular. The whole drop started with the head and shoulders pattern and the breakout of its neckline. Then, we had a rectangle and the breakout of its lower line. Then a flag mentioned above. Real beauty and I wish You to find more handsome setups like that in the future!
Trading FX/CFDs on margin bears a high level of risk, and may not be suitable for all investors. Before deciding to trade FX/CFDs you should carefully consider your investment objectives, level of experience, and risk appetite. You can sustain significant loss.
Recommended Content
Editors’ Picks
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Ethereum could remain inside key range as Consensys sues SEC over ETH security status
Ethereum appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the US SEC and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.