In the dynamic realm of global finance, Asian currencies have taken centre stage as they defy concerns over China’s economic challenges. On a recent Wednesday, most Asian currencies experienced a slight surge, propelled by weakened US labour data that fueled expectations of early interest rate cuts by the Federal Reserve. This unexpected turn of events allowed investors to shift their focus away from persistent worries about China’s economic trajectory.
The release of Job Openings and Labor Turnover Survey (JOLTs) data showcased a decline in US job openings for October. This unexpected dip instilled hope for a prolonged cooling in the labour market, potentially limiting the Federal Reserve’s capacity to maintain higher interest rates for an extended period. Consequently, this development led to a downturn in Treasury yields, setting the stage for optimism among investors regarding a less hawkish Fed.
Notable among the gainers were the Taiwan dollar and the South Korean won, both marking a 0.1% increase. The Japanese yen, having experienced a sharp recovery against the dollar in recent sessions, the Japanese yen also steadied, affirming the positive sentiment across the Asian currency landscape.
Despite weaker-than-expected third-quarter economic growth data, the Australian dollar exhibited resilience, surging by 0.7%. This impressive rebound followed two days of significant losses, primarily attributed to diminished export demand from China. However, the robustness of local demand and spending served as a stabilising force.
The Reserve Bank’s decision to maintain interest rates and adopt a data-driven approach for future hikes was a crucial factor influencing the Australian dollar’s performance. This move underscored the broader trend of central banks in the region adopting more cautious stances in the face of global economic uncertainties.
While most Asian currencies experienced gains, the Indian rupee remained an outlier, hovering around record lows of over 83.3. Despite optimism over India’s stellar economic growth, the massive trade deficit acted as a counterforce, preventing a significant upswing. The delicate balance between economic potential and trade challenges reflects the intricate nature of currency dynamics in emerging markets.
In contrast to the general trend, the Chinese yuan faced a 0.2% decline, mirroring a weaker daily midpoint fix by the People’s Bank of China. Reports emerged that Chinese state-owned banks intervened in the market, selling dollars and buying yuan to support the currency. This intervention was prompted by a sobering warning from Moody’s, which downgraded China’s credit outlook to negative and highlighted heightened economic risks stemming from a property market downturn.
The downgrade followed a series of weak economic readings for November, indicating a delayed post-COVID recovery. As China braces for the release of trade data, expectations loom for persistent weakness, further influencing the trajectory of the Chinese yuan.
The recent fluctuations in Asian currencies, particularly against the backdrop of China’s economic challenges, highlight the intricate dance between global economic factors. The impact of a less hawkish Federal Reserve has temporarily shifted the narrative, emphasising the resilience of emerging market currencies. As investors await Chinese trade data and anticipate further developments in global economic trends, the role of Asian currencies remains pivotal in navigating the complexities of today’s financial landscape.
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The Euro, once considered a stalwart in the world of currencies, is facing turbulent times as weak German factory orders send shockwaves through the European market. The EUR/USD pair edged lower to 1.0794, nearing a three-week low after a significant 3.7% slump in German factory orders for October. This sharp decline follows a modest 0.7% gain the previous month, indicating a sudden reversal of fortune.
According to official reports, recent data points to the Eurozone teetering on the edge of a recession, with its economy contracting by 0.1% in the third quarter. The ripple effect of this economic downturn is evident as Eurozone retail sales are expected to rise only by 0.2% monthly in October, with an annual drop of 1.1%. Consumers in the region are grappling with financial challenges, setting a sombre tone ahead of the festive period.
The weakening economic landscape has prompted concerns that the European Central Bank (ECB) might take drastic measures, potentially delivering its first rate cut by March. The slowdown and inflation falling faster than anticipated have led to a prevailing sentiment of uncertainty. As a result, the once-mighty Euro is now a target for shorting, becoming one of the most popular bets in the foreign exchange market, according to ING analysts.
The impact of these economic woes is evident in the Euro to Pounds (EUR/GBP) exchange rate, with the Euro’s decline influencing currency dynamics. Traders are closely monitoring the GBP/USD pair, which rose 0.1% to 1.2604 amid the release of the latest Bank of England financial stability report. The shifting landscape emphasises the need for businesses and investors to adapt to the evolving Euro rates, considering the interconnectedness of global currencies.
Amidst the uncertainty, opportunities arise for those willing to navigate the complexities of buying and selling euros strategically. The term sell euros echoes in the financial corridors as traders explore options to capitalise on the Euro’s downturn. Simultaneously, the concept of buy euro” beckons for those anticipating a potential rebound. The astute investor must assess the risk and reward of each move, considering the fluctuating Euro rates and the broader economic context.
In this volatile landscape, the euro buyback rate gains significance. Traders and businesses alike should delve into the intricacies of this metric, understanding its implications for buying back euros at favourable rates. This long-tail opportunity might provide a silver lining for those looking to navigate the stormy seas of the Eurozone’s economic challenges.
As the Euro continues to weaken under the strain of weak German factory orders and broader economic challenges, businesses and investors face a critical juncture. The term euro rates is not merely a buzzword but a reflection of the evolving financial landscape. Whether one is contemplating buying euros or strategically selling euros, the need for adaptability and informed decision-making has never been more crucial. The looming possibility of a recession and potential ECB rate cuts further underscore the importance of staying vigilant in the face of uncertainty. In this ever-changing scenario, mastering the dynamics of Euro rates becomes not just a skill but a necessity for those navigating the complex world of international finance.
In the fast-paced world of currency markets, the US dollar has found itself perched near a two-week high against a basket of currencies, creating a buzz among investors. As the global economy navigates through uncertainties, the dollar’s resilience is evident, especially in the wake of recently unveiled US economic data pointing towards a cooling labour market. This article explores the dynamics influencing the dollar’s trajectory and how businesses can leverage the current scenario.
The dollar’s strength is encapsulated by the Dollar Index (USD), a metric measuring the US currency against six major counterparts. Currently standing at 103.93, the index reflects a 0.029% dip, following a noteworthy 0.3% climb overnight. Over the month, the dollar has demonstrated a remarkable recovery, up by 0.5% after a steep 3% decline in November--the most significant monthly setback in a year. Amidst these fluctuations, businesses must stay vigilant, understanding the implications for their operations and financial strategies.
The recent economic data from the United States presents a puzzle for investors. Job openings fell to a more than 2.5-year low in October, signalling potential headwinds for the labour market. Notably, there were 1.34 vacancies for every unemployed person in October, the lowest since August 2021. Moh Siong Sim, a currency strategist at the Bank of Singapore, suggests that the labour market is cooling, setting the stage for heightened anticipation of the upcoming non-farm payrolls report this Friday. This crucial report will likely shape perceptions of the labour market, influencing the Federal Reserve’s decision-making process.
With the Federal Reserve’s looming policy meeting on December 12-13, the dollar’s trajectory is intricately linked to the central bank’s decisions. As the Fed officials enter a blackout period, speculation is rife about the future of interest rates in 2024. While traders currently project a 99.7% chance of the Fed maintaining rates next week, a 56% chance of rate cuts in March looms large, with at least 125 basis points worth of cuts anticipated in the coming year. Businesses must closely monitor the Fed’s messaging, as any divergence from market expectations could trigger a significant market snapback.
Amidst the whirlwind of market sentiment and economic indicators, businesses must adopt a strategic approach to navigate the dollar landscape effectively. Aninda Mitra, Head of Asia Macro and Investment Strategy at BNY Mellon Investment Management, warns against excessive market exuberance, emphasising that markets might have been too aggressive in pricing in future rate cuts. Mitra suggests that the timing of rate cuts is pivotal, pondering whether they will materialise in the first or second quarter of the coming year.
As the US dollar charts its course amidst economic crosswinds, businesses face both challenges and opportunities. The dollar’s steady perch near a two-week high signals resilience, but the uncertainties in the labour market and the Federal Reserve’s looming decisions create a dynamic landscape. Navigating this landscape requires a keen understanding of market dynamics, a watchful eye on economic indicators, and a strategic mindset to harness opportunities in the ever-changing world of global currencies. Whether you’re in the business of international trade or finance, staying attuned to the nuances of the dollar’s journey is paramount. In the realm of global commerce, where every cent counts, the mighty US dollar continues to be a force that businesses cannot afford to ignore.
The Abandoned Baby candlestick pattern is a powerful tool in technical analysis, signaling potential trend reversals in financial markets. This pattern is particularly useful for traders seeking to identify lucrative entry and exit points in downtrends.
In this extensive guide, we will delve deep into the Abandoned Baby candlestick pattern, exploring its characteristics, components, trading strategies, and the crucial role it plays in understanding market psychology.
The Abandoned Baby candlestick pattern is a reversal Japanese candlestick pattern that signifies a shift in market sentiment from bearish to bullish or vice versa. It typically appears after a sustained downtrend, and its formation consists of three distinct candles.
Bullish Abandoned Baby: This variant of the pattern occurs at the end of a downtrend and suggests a potential reversal to an uptrend.
Bearish Abandoned Baby: Conversely, the bearish version of the pattern appears at the end of an uptrend and signals a potential reversal to a downtrend.
Let’s break down the key components of each type of Abandoned Baby candlestick pattern:
First candle: The pattern starts with a large black or red candlestick, representing a strong bearish sentiment in the market.
Second candle (doji): Following the bearish candle, a doji candle appears. A doji has a small body and indicates market indecision, with opening and closing prices nearly identical. Importantly, this doji must gap below the close of the first candle.
Third candle: The pattern concludes with a white or green candle that opens above the doji’s level. This bullish candle reflects a shift in sentiment from bearish to bullish, potentially marking the start of an uptrend.
Bearish Abandoned Baby Candlestick Pattern:
First candle: In this case, the pattern begins with a large white or green candlestick, signifying a strong uptrend.
Second candle (doji): Following the bullish candle, a doji candle appears, but this time it gaps above the close of the first candle. The doji represents indecision and potential trend reversal.
Third candle: The pattern concludes with a black or red candle that opens below the doji’s level. This bearish candle indicates a shift in sentiment from bullish to bearish, potentially initiating a downtrend.
Trading strategies involving the Abandoned Baby candlestick pattern require careful consideration of entry and exit points, as well as risk management techniques like stop-loss orders and profit targets. Let’s explore a step-by-step approach to trading this pattern:
Pattern recognition: The first step is identifying a potential Abandoned Baby pattern on your price charts. Ensure that all the criteria for either the bullish or bearish variant are met, including the presence of clear gaps between candles.
Confirmation: While the Abandoned Baby pattern is a strong signal on its own, it is prudent to seek confirmation from other technical indicators or price action signals before entering a trade. This can provide additional confidence in the potential trend reversal.
Entry point: For bullish Abandoned Baby patterns, consider entering a long position after the formation is confirmed. For bearish Abandoned Baby patterns, consider entering a short position.
Stop-loss order: Implement a stop-loss order to limit potential losses if the trade goes against you. The placement of the stop-loss should be based on your risk tolerance and the specific market conditions.
Profit target: Determine a profit target based on your trading strategy and risk-reward ratio. This target represents the point at which you plan to exit the trade with a profit.
Monitoring the trade: Keep a close eye on the trade as it unfolds. If the price moves in your favor, consider trailing your stop-loss to lock in profits.
Exit strategy: Once the price reaches your profit target or if the trade shows signs of reversing, exit the position. Exiting at the right time is crucial to maximizing gains and minimizing losses.
Market psychology plays a significant role in the formation and effectiveness of the Abandoned Baby candlestick pattern. Understanding the underlying emotions and behavior of market participants can provide valuable insights into why this pattern occurs and how traders react to it.
Sentiment shift: The Abandoned Baby pattern captures a sentiment shift in the market. After a prolonged downtrend (for the bullish variant) or uptrend (for the bearish variant), the appearance of the doji signals uncertainty and a potential change in sentiment.
Indecision and reversal: The doji candle in the Abandoned Baby pattern represents indecision among traders. It’s a moment when bears (in a downtrend) or bulls (in an uptrend) are uncertain about the future direction of the market.
Rapid reversal: When the third candle opens in the opposite direction of the preceding trend, it reflects a sudden and often sharp reversal in sentiment. This can be attributed to traders reevaluating their positions and reacting to the change in market dynamics.
Self-fulfilling prophecy: The Abandoned Baby pattern is widely recognized and closely watched by traders. As more market participants identify the pattern, it can become a self-fulfilling prophecy. Traders see it as a strong signal, leading to increased buying (for the bullish variant) or selling (for the bearish variant), further reinforcing the reversal.
Risk management strategies are essential for traders and investors to protect their capital and minimize potential losses in the financial markets. Effective risk management helps ensure long-term success and sustainability in trading. Here are some key risk management strategies:
Position sizing: Determine the size of each trade based on your risk tolerance and overall account size. A common rule of thumb is to risk only a small percentage (e.g., 1-2%) of your total trading capital on any single trade. This limits the potential loss on any one trade and ensures you can withstand a series of losses without depleting your account.
Stop-loss orders: Implement stop-loss orders for every trade. A stop-loss is a predetermined price level at which you will exit a trade to limit losses. It acts as a safety net and ensures you don’t let losing trades spiral out of control.
Take-profit orders: Similar to stop-loss orders, take-profit orders are set at predetermined price levels where you will exit a trade to lock in profits. Having a clear profit target helps you avoid the temptation to be overly greedy and hold onto winning trades for too long.
Risk-reward ratio: Assess the potential risk and reward of each trade before entering. Ideally, aim for a risk-reward ratio of at least 1:2, where the potential reward is at least twice the risk. This ensures that your winning trades can offset losses over time.
Diversification: Avoid putting all your capital into a single asset or trading strategy. Diversifying your investments across different assets or markets can spread risk and reduce the impact of a single loss.
Understand your risk tolerance and trade within your comfort zone. Don’t take on more risk than you can handle emotionally or financially. Overleveraging or trading with excessive risk can lead to impulsive decisions and substantial losses.
In conclusion, the Abandoned Baby candlestick pattern is a valuable tool in the arsenal of technical analysts and traders. It offers insights into market psychology, capturing shifts in sentiment and potential trend reversals.
When used in conjunction with other technical analysis tools and risk management strategies, the Abandoned Baby pattern can enhance trading decisions and contribute to more successful trading outcomes. However, as with any trading strategy, it’s essential to practice sound risk management and continuously refine your approach to adapt to changing market conditions.
Have you heard of Perseus Crypto?
It is hard to remember all cryptocurrencies. Currently, there are thousands of cryptocurrencies in circulation. Unsurprisingly, even many crypto enthusiasts don't know all of them.
People who are unfamiliar with Perseus Crypto may ask, "Does it make sense to buy Perseus Crypto?" First, let's learn more about the company that is behind Perseus Crypto.
Perseus Fintech S.A. is a company listed on the Romanian Stock Exchange (BVB.ro) since 2012. At the beginning of 2022, Perseus Fintech S.A. started looking for investment opportunities in cryptocurrencies and blockchain-based startups as well as projects, including NFTs.
The company's main objective is to attract capital from both traditional investment funds and private investors and channel these funds into the exciting world of cryptocurrencies.
It invests this capital across various projects, digital currencies, and NFTs, with a strong focus on the Solana and Ethereum blockchains. What sets the company apart is its commitment to sharing a significant portion of the profits generated from these investments, with all holders of Perseus Tokens in the form of dividends, which amounts to 30% of the profits.
On June 28th, 2022, Perseus Fintech S.A. introduced the ‘CodeName: Perseus’ NFT project on the Solana blockchain. This project boasts a total supply of 2524 NFTs, which serve as the means through which the entire public supply of Perseus Tokens is distributed.
However, the problem with Perseus Crypto is that it isn't listed on mainstream crypto exchanges. Moreover, its current price is low, to say the least. Besides, there is no information about its market cap, 24-volume and circulating supply.
Perseus Crypto isn't a popular cryptocurrency. As mentioned above, it isn't listed on major cryptocurrency exchanges. Nevertheless, it makes sense to gather more information about relatively unknown cryptocurrencies and crypto-related topics in general.
One important topic is the Ethereum blockchain.
The Ethereum blockchain is a revolutionary decentralized computing platform and cryptocurrency that has had a profound impact on the world of blockchain technology, cryptocurrencies, and decentralized applications (dApps).
At its core, Ethereum is a distributed and open-source blockchain platform that enables the creation of smart contracts and decentralized applications. Unlike Bitcoin, which primarily serves as a digital currency for peer-to-peer transactions, Ethereum offers a broader range of functionality. Here are some key aspects that define Ethereum:
Smart contracts are self-executing agreements with predefined rules and conditions. They automatically execute when the specified conditions are met, without the need for intermediaries. Ethereum introduced the concept of smart contracts to the blockchain world, making it possible to create trustless, automated, and tamper-resistant agreements.
Ether is Ethereum’s native cryptocurrency, often referred to as “gas.” It is used to pay for transaction fees and computational services on the network. Ether isn't only a digital currency but also serves as the fuel that powers the Ethereum ecosystem.
Ethereum provides a platform for developers to build decentralized applications that can operate without central authorities. Some popular dApps include decentralized exchanges (DEXs), non-fungible token (NFT) platforms, and decentralized finance (DeFi) protocols.
Ethereum has a vibrant and active development community that is constantly working on improving the platform and building innovative applications. Ethereum developers use various programming languages, with Solidity being the most common language for writing smart contracts.
Ethereum is not isolated but actively collaborates with other blockchain networks and projects. Initiatives like Ethereum 2.0 and the Ethereum Bridge aim to enhance interoperability between different blockchains, enabling assets and data to move seamlessly across ecosystems.
Solana is a high-performance, decentralized blockchain platform designed to support the development and execution of scalable decentralized applications (dApps) and cryptocurrencies.
In this comprehensive overview, we’ll delve into the key aspects and features of the Solana blockchain.
High throughput and speed: Solana is renowned for its exceptional throughput and speed. It can process thousands of transactions per second (TPS), making it one of the fastest blockchain platforms in the industry.
Low transaction costs: Solana boasts extremely low transaction fees, making it an attractive choice for developers and users. This affordability is achieved by optimizing the blockchain’s architecture for efficiency, which minimizes computational and storage costs.
Ecosystem and dApps: Solana has a growing and diverse ecosystem of dApps and projects across various industries, including decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, and more. Popular DeFi platforms like Serum and Raydium are built on Solana, attracting liquidity and users.
Interoperability: Solana is designed to be interoperable with other blockchains and networks. Projects like Wormhole facilitate the seamless transfer of assets between Solana and other major blockchains like Ethereum, enhancing the flexibility and utility of the Solana ecosystem.
Developer-friendly: Solana provides a developer-friendly environment with support for multiple programming languages.
Security: Solana places a strong emphasis on security and has a bug bounty program to encourage responsible disclosure of vulnerabilities. Its architecture and consensus mechanism have been audited by reputable security firms.
Is cryptocurrency a good investment? Let's find out!
Investing in cryptocurrencies has become increasingly popular as the crypto market has grown and evolved over the years. While cryptocurrencies can offer significant opportunities for investors, including dividends, it’s important to approach this asset class with caution and a well-informed strategy.
Here are some investment opportunities in cryptocurrencies:
Long-term holding (HODLing): One of the most straightforward strategies is to buy cryptocurrencies and hold them over an extended period, often referred to as “HODLing.” This approach is based on the belief that the value of cryptocurrencies will increase over time.
Trading and speculation: Active trading involves buying and selling cryptocurrencies within short timeframes to profit from price fluctuations. Traders use various strategies, such as day trading, swing trading, and arbitrage, to capitalize on market movements. This approach requires a deep understanding of technical and fundamental analysis and comes with higher risks due to market volatility.
Diversification: Cryptocurrency portfolios can be diversified by investing in a mix of different cryptocurrencies. Diversification helps spread risk and can capture potential gains from various blockchain startups. Investors may choose to hold a combination of large-cap and small-cap cryptocurrencies.
Participating in initial coin offerings (ICOs) and token sales: ICOs and token sales are fundraising methods used by blockchain projects to raise capital. Investors can participate by purchasing tokens at an early stage, hoping that their value will increase once the project is launched. However, ICOs come with regulatory and scam risks, so due diligence is essential.
NFT investments: Non-fungible tokens (NFTs) represent unique digital assets and have gained popularity in the art, gaming, and entertainment industries. Some investors buy and hold NFTs with the expectation that their value will appreciate over time, similar to traditional collectibles.
Mining involves using computer hardware to validate and secure blockchain transactions. Miners are rewarded with newly created cryptocurrency tokens. While mining can be profitable, it requires a significant upfront investment in equipment and electricity costs.
To sum up, it’s crucial to emphasize that the cryptocurrency market is highly speculative and volatile. Investors should conduct thorough research, understand the risks involved, and consider their risk tolerance before entering the market.
Perseus Crypto is an example of a relatively unknown cryptocurrency that could disappear in the future.
Additionally, staying informed about regulatory developments and security best practices is essential to making informed investment decisions in the crypto space. Consulting with financial advisors or experts with cryptocurrency expertise can also be beneficial.
Today, we see a jump in the price of Solana up to 66.63 levels. In this way, we form this week’s new high, where we encounter resistance and retreat to the 64.30 level. The eyes are now fixed on 62.50, the previous support level, because if we fall below, we could start a deeper withdrawal of the price of Solana. Potential lower targets are 62.00 and 61.00 levels.
Additional price support could be found in the zone around 61.00 and the EMA50 moving average. We need a positive consolidation and return above the 65.00 level for a bullish option. After forming a new bottom at that level, we expect to see a continuation to the bullish side. Potential higher targets are 66.00 and 67.00 levels.
We are currently seeing a spike in the price of Cardano to a new December high at the 0.438 level. We remain very high above the 0.430 level, which could produce a new bullish impulse and a move to the upper levels. Potential higher targets are 0.440 and 0.450 levels. Thus, we would return to the movement zone from April.
We need a negative consolidation and price pullback below the 0.425 support level for a bearish option. We would look for the next one at the 0.420 level. A break below would increase bearish pressure to see a longer-term pullback to lower levels. Potential lower targets are 0.415 and 0.410 levels. The EMA50 moving average is in the zone around the 0.400 level.
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Today, we see the continuation of the previous bullish consolidation until the firming of the new high price of SafeMoon at the 0.00005732 level. There, we encounter resistance and start a pullback, which lowers the price to the 0.00005300 level. After receiving support at that level, we see a slight recovery to 0.00005400. That is not enough, and we can expect another pullback and testing of lower support. Potential lower targets are the 0.00005200 and 0.00005100 levels.
We need a positive consolidation and retracement above the 0.00005500 level for a bullish option. Then, we need to hold there if we want to see a move above the 0.00005600 resistance level. After that, we expect to see stronger bullish momentum and resistance in SafeMoon’s price. Potential higher targets are the 0.00005700 and 0.00005800 levels.
The price of Litecoin is in a new attempt to regain the 75.00 level. Now, let’s turn slightly above the 74.00 level, expecting to receive its support and start a further recovery to the 75.00 level. A break above 75.00 and holding it there would greatly benefit further growth and the formation of a new price high. Potential higher targets are 75.50 and 76.00 levels.
For a bearish option, we need a negative consolidation and a drop below the 74.00 level to start. After that, we would look towards the 73.00 level as a potential first support. A new breakout below would confirm bearish pressure and a continuation of the Litecoin price decline. Potential lower targets are 72.50 and 72.00 levels. Additional support in the zone around 72.00 is the EMA50 moving average.
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The price of ApeCoin reached the 1,729 level this morning, forming a two-week high there. After that, we see a pullback all the way to the 1,600 level. There, we find support that takes us up to a new resistance at the 1,660 level. For now, we are holding slightly below that level but remain above the lower support, which could push the price into another bullish consolidation. Potential higher targets are 1,680 and 1,700 levels.
We need a negative consolidation and a return to the 1,600 support level for a bearish option. Additional price support in that zone is the EMA50 moving average. A break below both support levels would shake the woman and trigger a deeper pullback. Potential lower targets are 1,580 and 1,560 levels.
This morning’s bullish impulse pushed the Akita Inu price to 0.0000001340. There, we come across an opening and start retreating. The current price is at the 0.0000001260 level; it remains under bearish pressure, and we expect to see a continuation to the bearish side. Potential lower targets are the 0.0000001220 and 0.0000001200 levels. The EMA50 moving average is in the zone around 0.0000001140 levels.
We need a positive consolidation and price stabilization above the 0.0000001300 level for a bullish option. Then, we need to try to hold on up there in order to wait for the next bullish impulse and start further recovery. Potential higher targets are 0.0000001320 and 0.0000001340 levels.
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USD/CHF Long-Term Trend: Bearish Key Resistance Levels: 0.87656, 0.88491, 0.88950 Key Support Levels: 0.87153, 0.86859, 0.86501 Daily Chart: The price on the higher time frame has been in a downtrend recently after it faced resistance at the 0.90837 level and reversed back. The pair has continued to break a few support levels which suggests further …