Daily Trading Analysis 26.08.2020

Technical & Fundamental analysis

Trading Analysis of USD/CHF The head of the Swiss pharmaceutical giant Novartis, Vasant "Vas" Narasimhan refuted earlier predictions that the drug to combat coronavirus is on the horizon. He says that it would be much more realistic to assume that the pandemic will remain with us next year. Vasant Narasimhan said that the Covid-19 virus is causing more problems than expected, spreading a series of micro pandemics affecting different countries.  Our Analysis: Provided that the currency pair is traded above 0.9070, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.9082 Take Profit 1: 0.9120 Take Profit 2: 0.9135 Alternative scenario: In case of breakdown of the level 0.9070, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.9070 Take Profit 1: 0.9055 Take Profit 2: 0.9035 Learn More Trading Analysis of GOLD/USD Gold prices fell on Tuesday due to a growing appetite for risk amid hopes for a coronavirus vaccine and optimism about a U.S.-China trade deal. Our Analysis: Provided that the price is below 1937.00 please follow these recommendations: Time frame: 30 min Recommendation: short position Entry point: 1926.46 Take Profit 1: 1911.00 Take Profit 2: 1900.00   Alternative scenario: In case of breakout of the level 1937.00 follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1937.00 Take Profit 1: 1946.00 Take Profit 2: 1954.00 Learn More Fundamental Trading Analysis of USD/SGD Singapore Industrial Production for July increased by 1.6% monthly and decreased by 8.4% annualized. Economists predicted an increase of 6.0% and a decrease of 5.7%. Forex traders can compare this to Singapore Industrial Production for June, which increased by 0.6% monthly, and which decreased by 6.5% annualized. Our Analysis: Should price action for the USD/SGD remain inside the or breakdown below the 1.3635 to 1.3700 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.3675 Take Profit Zone: 1.3430 – 1.3470 Stop Loss Level: 1.3735 Alternative scenario: Should price action for the USD/SGD breakout above 1.3700 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.3735 Take Profit Zone: 1.3800 – 1.3860 Stop Loss Level: 1.3700 Learn More ‌ ‌ ‌ ‌ ‌ Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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