USDCHF Daily
As you can see from this Daily chart, USDCHF is losing segment by segment – so going lower you would say – Well NO….it is doing time within a Range from March of this year.
Between 0.87 and 0.92
So there is an obvious Buying interest , and if it succeed in holding above 0 .87 /0.88, we might be witnessing something that CHF is famous for – a Rubber band effect – if EURUSD starts falling , CHF will fall even more , and dramatically – just like when you release the rubber band on one side.
Last time that happened was if I remember correctly sometime around 1997.
Friend of mine called me from London to congratulate me on job well done – was Long USDCHF ( and no one else was – that’s the reason for rubber band run) …We had long talks on that issue prior to the start of the rally – he had to take a good care of my position as it was his brokerage on the other end 😀 Nuff said…Watch how it develops – I would say September, but August can be a month for big mess sometimes…
A look at the day ahead in U.S. and global markets from Mike Dolan
Monday’s Wall Street bounce saw some relief precede the first two earnings reports from the “Magnificent 7” megacap stocks, while U.S. Vice President Kamala Harris looked set to replace Joe Biden as Democrat candidate for November’s White House race.
Morning Bid: Megacaps report, Harris in frame, China wobbles
GBPUSD DAILY CHART – STILL A RETRACEMENT?
if looking for potential levels of support/targets if the 1.2898 break holds.
Using 1.2612-1.3044
1.2879 = 38.2%
1.2838 = 50%
Looking farther out, 1.2777 and the major trendline are still out of range.
EURUSD 4 HOUR CHART – Upside failure?
My thanks to Bobby pointing out the channel break.
EURUSD break of 1.0871, if it holds, would confirm the end of the last leg up.
On the downside, 1.0860- is the next hurdle but 1.0850 is likely important as well as the ultimate bias indicator if it trades 1.08-1.09.
So watch 1.0871 although only 1.09+ would restore a bid.
USDJPY 1 HOUR CHARRT – AND THE OUTPERFORMER IS AGAIN?
USDJPY has traded lower again in the absence of any specific news or catlyst, gaining on its crosses.
This chart shows 155.80 blocking the recent intervention low at 155.37 although 155 is clearly most important from a psychological point of view.
On the upside, 156.64+ would be needed to cool the rissk, 157.17+ would be needed to suggest a failure to test 155.
What to trade / Low volatility
–
One could consider , ass-u-me ing one thinks they know the characteristics such as seasonality, correlation-ability or maybe some other exploitable feature, ramp up leverage.
**** Personally ****
I just HATE the “I prepare myself for longer waits and much longer hours in front of the screen” option
There is a reason I code robot(s)
– Otherwise it ia failure of the education system.
This is a really good discussion worth reading
What Currencies Should a Trader Focus on in a Low Volatility Market]
ETHUSD
Ethereum Retraces: Here’s Why ETH Bulls Must Decisively Break Above $3,500
Ethereum Finds Strong Resistance At $3,500
Even as buyers expect ETH bulls to press on and push the coin above $3,700, a key resistance line, on-chain data shows that there is resistance. According to IntoTheBlock data on July 22, ETH has strong resistance at $3,500, which has been the case since July 16.
At this level, 3.13 million unique addresses bought ETH at an average price of $3,547. Therefore, if prices trend below this level, these holders are in red and contemplating exiting at a loss.
The fact that some addresses could be willing to dump and exit the market when prices fall makes the general environment fragile, a considerable hindrance to the upside. This makes the situation even dire, considering that ETH is not all that firm despite the expansion of July 15.
Tesla – TSLA
Tesla jumps 5% as Wall Street heavyweights rally
Shares of Tesla Inc TSLA rising ~5% on Mon, spearheading a rally in Wall Street’s tech-related heavyweights
** CEO Elon Musk on Mon said the electric car maker will have humanoid robots in “low production” for internal use next year, months after he announced a rollout by the end of 2024
** Musk in April said Tesla’s robot would be able to perform tasks in factory by the end of this year and could be ready for sale as soon as the end of 2025
** TSLA’s rally on Mon outperformed a 1.7% gain in the tech heavy Nasdaq
AMD President Victor Peng to Retire
SANTA CLARA, Calif., July 22, 2024— AMD today announced that AMD President Victor Peng is retiring effective August 30, 2024. He will continue to serve on the AMD executive team in an advisory role and support the transition until his retirement date.
Guess they should’ve forced him to retire a week or so earlier…
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