COTD - 19/04 USDCHF
A Quiet day today in the markets with it being Good Friday, with a lot of people on the trading desks out for the long weekend we have seen thin volumes across all the markets that have remained open and very subdued moves in the currency markets.
In light of this, we are going to take a look at a longer-term chart today, in the form of the USDCHF Daily chart.
What we are seeing the USDCHF chart is a trend of a progressively strengthening Dollar, exacerbated by the Mueller report yesterday we have seen the pair rally and meet resistance in the form of the capping trendline we had dawn previously.
Taking a look at the RSI we can see we have pushed fairly deeply into overbought territory and given the aggression of the move higher we may see a bit of a slide next week on profit-taking.
However, if more macro issues weigh then we could see the rally continue and the capping trendline be invalidated.
In light of this, we are going to take a look at a longer-term chart today, in the form of the USDCHF Daily chart.
What we are seeing the USDCHF chart is a trend of a progressively strengthening Dollar, exacerbated by the Mueller report yesterday we have seen the pair rally and meet resistance in the form of the capping trendline we had dawn previously.
Taking a look at the RSI we can see we have pushed fairly deeply into overbought territory and given the aggression of the move higher we may see a bit of a slide next week on profit-taking.
However, if more macro issues weigh then we could see the rally continue and the capping trendline be invalidated.
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