"I have the high ground"
Well indeed. The USD crosses have benefited much from the recent fundamentals. We had the USDJPY sky-high at the beginning of the week. With USD as the quote currency, pairs like EURUSD have gone underground. The ISM prices increased to 79.3 this week. Should be good for the dollar,right?
Well...not much. You can say this is the 'silence before the storm'. Traders are gathering like honeybees around the USD crosses; looking desperately for a time to sell some $ and bag in good profits. Almost 90% of traders trading the USDCHF await a major breakout and then a brutal selloff, and the time has come [inspirational background music]. 64% of Zulutrade and eToro users hold a sell position at USDCHF. So... dark clouds are all over the pair for now!
Recent technical analysis suggest a major selloff, as indicated by the Ultimate Oscilliator and the Double Stochastic (combined). Here, we can see that the pair successfully broke the 0.75 level and confirmations are needed for a good breakout so we may have to wait. The HMA is providing strong resistance and we may expect it to be more stronger.
Well...that provided, I believe this is the right time to short this pair.
Happy trading!
-Riz
Well...not much. You can say this is the 'silence before the storm'. Traders are gathering like honeybees around the USD crosses; looking desperately for a time to sell some $ and bag in good profits. Almost 90% of traders trading the USDCHF await a major breakout and then a brutal selloff, and the time has come [inspirational background music]. 64% of Zulutrade and eToro users hold a sell position at USDCHF. So... dark clouds are all over the pair for now!
Recent technical analysis suggest a major selloff, as indicated by the Ultimate Oscilliator and the Double Stochastic (combined). Here, we can see that the pair successfully broke the 0.75 level and confirmations are needed for a good breakout so we may have to wait. The HMA is providing strong resistance and we may expect it to be more stronger.
Well...that provided, I believe this is the right time to short this pair.
Happy trading!
-Riz
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