Source: PaxForex Premium Analytics Portal, Technical Insight
Unprecedented monetary easing has expanded the US Federal Reserve's balance sheet to a new record. According to St. Louis Federal Reserve Bank, the size of the Fed's balance sheet broke the previous record of $7.17 trillion set in October and reached $7.24 trillion. During the current year, the figure rose by almost 80%, which led to higher inflationary expectations and supported gold. The yellow metal rose by 20+% this year, marking a record high of $2.075 in August.
USD/CHF, 30 min
Pivot: 0.9100
Analysis:
Provided that the currency pair is traded below 0.9115, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.9100
- Take Profit 1: 0.9080
- Take Profit 2: 0.9070
Alternative scenario:
In case of breakout of the level 0.9115, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.9115
- Take Profit 1: 0.9125
- Take Profit 2: 0.9140
Comment:
RSI shows the possibility of a descending momentum.
Key levels:
Resistance | Support |
0.9140 | 0.9080 |
0.9125 | 0.9070 |
0.9115 | 0.9055 |
USD/CHF, D1
Pivot: 0.9108
Analysis:
While the price is below 0.9200, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.9108
- Take Profit 1: 0.8980
- Take Profit 2: 0.8890
Alternative scenario:
If the level 0.9200 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.9200
- Take Profit 1: 0.9295
- Take Profit 2: 0.9395
Comment:
RSI shows the development of a downtrend in the medium-term.
Key levels:
Resistance | Support |
0.9395 | 0.8980 |
0.9295 | 0.8890 |
0.9200 | 0.8750 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.1850 with 1.1890 and 1.1905 targets as Take Profit. Alternative scenario - if the level 1.1850 is broken-down, sell with the TP 1.1830 and 1.1815.
GBP/USD – buy above 1.3285 with 1.3370 and 1.3390 as Take Profit targets. Alternative scenario - if the level of 1.3285 is broken-down, you should consider selling with the targets 1.3255 and 1.3225 as Take Profit.
AUD/USD - long positions above 0.7295 with 0.7330 and 0.7355 targets as Take Profit. Alternative scenario - if the level of 0.7295 is broken-down, sell with the targets 0.7280 and 0.7265 as Take Profit.