CADCHF fell around 1.80% from the recent highs this week and has finally landed on what could be a promising trade setup. Switzerland's KOF economic barometer beat expectations while Canada's GDP missed by 0.3%.
We are still seeing an improvement in Canada's economy from August even though GDP missed while Switzerland continues to struggle with their national currency and stagflation. An important thing to look out for is the risk-on and off sentiment that could help determine whether CAD or CHF would be bullish. CAD may be starting to look weaker in the short term, however, there is still potential for the pair on the long side.
Price looks like it is trying to reject the lows in the .73600s and bounce from this support zone. However, if price fails to do so, the 50 and 200 DMA on the 1D chart could prove to be promising support for this pair. There is also a rising trend line on this timeframe that could serve as additional support if price struggles at this support level.
12/2/2021 US equities fell 5% from the highs after fears of a new coronavirus variant emerged and the first case was recorded in the US. SPX500 is up .10% on the day at the time of writing this. Our outlook The new omicron variant is definitely concerning most investors right now as the US will […]
Check out my previous G/U deep dive from early October here to see how we have progressed... Technical Outlook: Price has mainly been travelling in channels throughout the past year. As we saw the ascending channel formed post-Covid last year, price began retesting all previous key horizontal levels. Over the past couple of months, price has […]
11/30/2021 Gold price rose 0.59% on the day at the time of writing this in light of the uncertainty surrounding the Fed's policy towards the new variant and tapering of asset purchases. Our outlook I think gold will likely see some green today as the virus concerns can cause a slow in growth since the […]