As expected, today’s Non-Farm Payroll release was positive and as a result, the Dollar is continuing its uptrend.
With the Dollar continuing its push higher, USDCHF is also following its tracks. USDCHF has been on a downtrend since May 2019, but that has all changed these past few weeks as the price was able to clear previous significant highs. The most recent high that was cleared was the one made back in September. This week, price printed a bullish hammer on the weekly, signaling further upside.
A lot of attention has been put on Gold as of late, but one commodity that isn’t getting enough attention is Crude Oil. Several weeks ago, price action traders were able to enter long for a gain of +700 pips. Price was able to finally clear $65 per barrel this week and with a hammer printed on the weekly, more upside should be on the way.
NFP week can be hit or miss when it comes to trade setups and price movement. This week was fairly uneventful for the most part, as things only picked up after Powell’s speech and the job reports. Next week has its fireworks as we have US CPI data, the Canadian unemployment report, and the ECB monetary policy.
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- Read yesterday’s breakdown: Dollar Surges After Powell’s Speech – Time for a Reversal?
