XAUUSD 4 HIOUR CHART
I was asked to post an XAUUSD chart so here goes as well…
The bounce from solid 2145 support has broken 2172, suggesting an end to the retracement.
However, as the chart shows there is still layers of resistance *blue) ahead of the 2195 key high.
Looking at this chart, support is at 2164-72, which needs to hold to keep the focus on 2195 and away from 2145.
BTC 4-HOUR CHART
I was asked to post a BTC chart so here foes.
The retracement has so far failed to test 60000 and a key support below it.
Going strictly by AT technicals, 65786 )blue line) and the trendline would need to be broken to confirm an end of the retracement.
Otherwise, retracement risk lingers.
To give some perspective to the importance of who heads the SNB following Jordan who was a strong advocate of currency management, in 2022 the SNB sold foreign currencies worth 22.3 bio CHF. In 2023 under Jordan’s strong CHF policy they sold 132.9 bio chf of foreign currencies (buying CHF). Any step back from the strong CHF policy should have a super size impact….
SNB HIGHLY unlikely to move on rates tomorrow. Meeting speculation centers around whether a successor to Jordan will be named tomorrow. Which is also probably unlikely but fwiw thats the talk…
With BoJ making a move on rates I think it gave the market less concern over intervention, so Amman’s assessment earlier may be spot on as he usually is. I am just not touching longs in UsdJpy because anything overly aggressive to the upside could put the “I” word back in play. I’m in crosses only pre-Fed.
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