The recent breakout in the USDCHF currency pair confirmed the bearish bias that was shared with members of Elliottwave-Forecast. This breakout signals a continuation of the bearish sequence that began after the completion of the medium-term bullish corrective cycle that started in December 2023. The analysis of the weekly chart showed a high likelihood of
Technical Analysis
Over the past four weeks, the EUR/CHF cross pair has experienced a significant rally, bouncing back from losses incurred between 10 June and 19 June. This initial decline was triggered by political uncertainties surrounding the abrupt announcement of a French legislation snap election by President Macron on 9 June. As a result, the currency pair
The recent influx of $1.04 billion into Bitcoin Spot ETFs has boosted investor confidence in the cryptocurrency market. This significant investment indicates a growing interest in Bitcoin and suggests a potential short-term increase in its price. Market participants are eagerly anticipating further inflows, especially with the possibility of an approval of an ETH ETF on
The Cable saw an increase in its value on Monday, reaching a new high for the year just below the significant 1.30 level. Over the past two weeks, the pair has been on a strong uptrend, but it seems that bulls might be losing momentum as they approach the 1.30 resistance. Daily studies indicate that
The Nikkei 225 index, also known as Japan 225 on FXOpen, has experienced a significant upward trend recently. After reaching a yearly high above 42,500 points on 10th July, the price surged, breaking resistance at 41,160. However, the bears quickly made a comeback, pushing the price back to the 41,160 level. This led to the
The GBP/USD pair has been making significant strides in the market, hovering above the 1.2900 resistance level. A crucial bullish trend line has been forming with support around 1.2910, signaling a potential upward movement. The pair has managed to break above the 50-hour simple moving average and breach the 1.2900 mark, reaching as high as
AUDUSD has made a significant move by breaking decisively above a sideways pattern that it has been trading within for over two months. This breakout has propelled the price to its highest level since January 2024, marking a notable shift in the market sentiment. Resistance and Support Levels With the pair now marching towards fresh
In recent years, silver prices have been on an upward trend due to a supply and demand gap that seems to be widening. Demand for silver has consistently outpaced supply for the past five years, leading to a shortage in the market. This imbalance has been primarily driven by the surge in industrial demand, which
The New Zealand dollar, also known as the Kiwi, has taken a significant hit as it experienced a sharp decline against the US dollar, reaching a 4-week low. This downward trend can be attributed to a dovish shift in the latest monetary policy statement released by the Reserve Bank of New Zealand (RBNZ), leading to
Upon analyzing the XAU/USD chart, it is evident that the price of gold experienced a significant increase above the $2390 level on Friday, July 5th. However, this rise was short-lived as the price fell back to $2360 per ounce on Monday. This inconsistency in market behavior suggests a lack of sustained bullish momentum, signaling a
The AUD/USD pair has recently hit a six-month high, reaching 0.6752 and showing consistent gains over the past five days. The main driver behind this surge in the Australian dollar is the growing belief among investors that the Reserve Bank of Australia (RBA) may take a different approach than other central banks. Speculation is rife
The analysis provided on the USD/JPY pair in the original article seems to be detailed and thorough. It mentions that the pair climbed to a multi-year high at 161.95 before correcting lower. However, the downside correction is not viewed as a negative sign, but rather as a normal part of the market movement. The article