Daily Trading Analysis 09.07.2020

Technical & Fundamental analysis

Trading Analysis of USD/CHF The USD/CHF currency pair is trading at 0.9374 and continues to move within the decline and descending channel. The pair is trading below the lower boundary of the Ichimoku Kinko Hyo Indicator Cloud. This indicates a bearish trend for the pair. Our Analysis: Provided that the currency pair is traded below 0.9385, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.9365 Take Profit 1: 0.9350 Take Profit 2: 0.9340 Alternative scenario: In case of breakout of the level 0.9385, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.9385 Take Profit 1: 0.9405 Take Profit 2: 0.9420 Learn More Trading Analysis of GOLD/USD Fears of global economic recovery from the coronavirus pandemic are pushing investors to invest in stable gold. On Wednesday, July 8, the value of the precious metal jumped sharply to a nine-year high. Our Analysis: Provided that the price is above 1800.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1811.20 Take Profit 1: 1818.00 Take Profit 2: 1826.00 Alternative scenario: In case of breakdown of the level 1800.00 and the consolidation of the price below this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1800.00 Take Profit 1: 1792.00 Take Profit 2: 1786.00 Learn More Fundamental Trading Analysis of NZD/USD The New Zealand ANZ Business Confidence for July was reported at -29.8. Forex traders can compare this to the New Zealand ANZ Business Confidence for June, reported at -34.4. The Chinese PPI for June decreased by 3.0% annualized, and the Chinese CPI increased by 2.5% annualized.  Our Analysis: Should price action for the NZD/USD remain inside the or breakout above the 0.6530 to 0.6630 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 0.6580 Take Profit Zone: 0.6710 – 0.6755 Stop Loss Level: 0.6485 Alternative scenario: Should price action for the NZD/USD breakdown below 0.6530 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 0.6485 Take Profit Zone: 0.6290 – 0.6380 Stop Loss Level: 0.6530 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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