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Selling Canadian Bacon.CADCHF broke the above trend line that market have been respecting for the last 2 years & 6 months. When a 2+ year trendline have been broken the market is trying to tell us something, if you look close enough you'll see market dropped 680 pips to break that trendline and is currently consolidating that move. When market decides to break the previous low made (0.71154), i see market dropping towards 0.68, a (-6.06%) decline from markets current position covering -438.6 pips. The CAD have been suffering due to falling oil prices and the CHF is benefiting as a safe haven & aggressive hikes from the SNB. Adjust STOPLOSS to suit your RISK plan.
Short
by xavierNF
EuroStepping ReupThe last EURO trade posted hit my SL, it happens from time to time. However in light of renewed USD strength because of persistent inflation i see EUR/USD continuing the downtrend. "Dollar strength remains the main hindrance to recovery in the pair, but the domestic picture is still far from looking appealing to investors. Despite a smaller-than-expected slump in the ZEW expectations index, the current situation survey plunged dramatically to -72.2 in October. These are levels last seen only in 2020 and 2009.” “The easing in gas prices is likely preventing new lows, but i think the next round of dollar appreciation will heavily test that support.”
Short
by xavierNF
1
EuroStepping “The dollar remains the main beneficiary of rising US (real) yields in a persistent risk-off context.” “Geopolitical and recessionary risks are bigger for Europe, holding down the single currency as well even as the European Central Bank finally embraced on a tightening cycle.” “Resistance stands at 0.9950/1.0050. The YTD low stands at 0.9536.” EUR/USD is in a strong downward trend channel since February. I expect the world’s most popular currency pair to remain under pressure.
Short
by xavierNF
5