USDCHF - Stocks Plunge, Demand for Safe Haven, Reversal Signals
Stocks across the New York market, the European and Asia market plunges, especially the U.S. stocks which seen plunged the most yesterday.
This in itself means an increase for safe haven asset, and certainly, we have seen the yen rallied, followed by Swiss Franc.
The dollar is seen having trouble again to dominate the bull market as it found strong resistant at 96.
Therefore, selling the dollar and buying a safe haven asset seems to be the best course of action.
USDJPY has already plunged more than 200 pips from its previous high, whereas USDCHF has only just begun reversing.
The price is now retracing towards the bottom of a previous range between 0.9550 and 0.9900, and thus I find it a good price to short.
This in itself means an increase for safe haven asset, and certainly, we have seen the yen rallied, followed by Swiss Franc.
The dollar is seen having trouble again to dominate the bull market as it found strong resistant at 96.
Therefore, selling the dollar and buying a safe haven asset seems to be the best course of action.
USDJPY has already plunged more than 200 pips from its previous high, whereas USDCHF has only just begun reversing.
The price is now retracing towards the bottom of a previous range between 0.9550 and 0.9900, and thus I find it a good price to short.
Note
If the price can hold below 0.9930, there's still a chance for the price to resume depreciation.Trade closed manually
Market is showing strong sign that the dollar may retrace further, again. Fully exited this trade.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.