By ForexTime
And we could see more action as anticipation mounts ahead of the upcoming Bitcoin halving.
Here are how these discussed instruments performed this week:
It was another week another all-time high for FXTM’s new commodity – Cocoa.
However, we cautioned that a “technical throwback could be in the works…with key support at $10717, $10485…)
Note: A technical throwback is when prices slip back towards a breakout level after breaking resistance.
After hitting an all-time high at $11345.56 on Monday, prices tumbled over 8% on Tuesday amid profit taking and concerns over global demand negatively impacted by record cocoa prices.
Traders who entered at Monday’s closing price around $11120 and exited at the $10485 support level would have caught a 5.7% move to the downside.
In our trade of the week article published on Monday, 15th April:
“Prices seem to be under pressure following the sharp selloff witnessed on Saturday. Should $65000 prove to be reliable resistance, this could trigger a selloff towards $61500 and $60000.”
Bitcoin along with other altcoins were hit by escalating geopolitical tensions in the Middle East.
The “OG” crypto dropped below $60,000 for the first time in more than a month amid profit-taking and risk aversion.
Note: The upcoming halving is a significant event for the crypto space and spark volatility.
A whopping 50,000 points for traders who shorted Bitcoin from the $65000 level.
This technical scenario (USDCHF) is based on the FXTM Signals that are posted twice a day (before the London and New York sessions) for all FXTM clients to follow.
It can be found in the MyFXTM profile under Trading Services… FXTM Trading Signals.
The USDCHF fell this morning as the Swiss Franc gained against most G10 currencies.
USDCHF has hit all its profit targets.
Traders who entered at 0.90956 and exited at the final target level of 0.90866 would have gained roughly 10 pips.
You can keep following our “Daily Market Analysis” for fresh trading ideas and opportunities across global financial markets.
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
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