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- Market News
Recent Market News Headlines
BOJ Expected to Raise Interest Rates This Month
Japan’s government is prepared for a year-end BOJ rate hike, potentially the first increase since January.
U.S. Thanksgiving Holiday Dampens Market Activity and Volatility
Markets remain subdued on Thanksgiving with low-impact Eurozone data and U.S. holiday keeping trading calm.
Nvidia Reports Strong Quarter, Boosting Global Market Sentiment
Nvidia beats Q3 estimates, lifts guidance; yen weakens, China eyes stimulus, Asia-Pacific stocks mostly rise.
Strong Jobs Report Kills RBA Cut Hopes, Australian Dollar Jumps
Strong Australia jobs data ends RBA cut hopes; AUD rallies. US Government reopens. BOJ remains cautious on inflation.
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Mini Charts
USD/CHF: The Bull is Ready; Buyers Waiting for a Breach
forex_adminOctober 30, 20231 Mins read 
- USD/CHF has been bullish on the H4 chart.
- The pair trades above the simple moving average 30.
- The H1 chart trades around previous day’s higher high.
- Intraday minor charts have been bullish.
USD/CHF- Technical Analysis-H4 Chart
The chart shows that the price has been heading towards the North with moderate pace. It made a breakout at the simple moving average 30’s resistance. Since then it has been traded above the SMA 30’s support. Thus, the buyers have kept their eyes on the pair to go long from the value areas. The pair produced the first H4 candle as a bullish one. However, the price is still below the last weeks’ higher high. Thus, traders may wait for the price to breach the last week’s higher high to go long in the pair. The price may find its resistance around 0.90800.
For the sellers, the pair may take time to offer them short entries. Unless, it produces a double top at the last week’s higher high, the pair may not get bearish on the H4 chart.
Price Action Analysis- H1 Chart
The chart shows that the pair after being bullish found its resistance around 0.90350. It had a bearish correction and found its support at 0.90050. The price then headed towards the North. As of writing, the pair trades around the higher high again. The buyers are waiting for the price to make a breakout at 0.90350. If that happens, the buyers may push the price towards 0.90600.
On the contrary, if the price finds its resistance at the weekly high, the sellers may keep their eyes on the pair to go short upon finding a strong bearish reversal pattern. The price may then head towards 0.90050. A bearish breakout at that level may generate more bearish pressure if the breakout is confirmed followed by a bearish reversal candle.
Considering both charts, it seems that the Bull is far ahead. However, the buyers may have to wait since weekly high has been working as a resistance here.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn
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