Daily Trading Analysis 23.07.2020

Technical & Fundamental analysis

Trading Analysis of USD/CHF U.S. authorities are willing to pay almost two billion dollars for 100 million doses of COVID-19 vaccine developed by Pfizer and BioNTech SE if the vaccine is safe and effective, Pfizer said Wednesday. Since the vaccine course is likely to consist of two doses, the amount purchased will suffice for 50 million people. The cost of one vaccination course is estimated at $39. Our Analysis: Provided that the currency pair is traded below 0.9305, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.9280 Take Profit 1: 0.9265 Take Profit 2: 0.9250 Alternative scenario: In case of breakout of the level 0.9305, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.9305 Take Profit 1: 0.9320 Take Profit 2: 0.9335 Learn More Trading Analysis of GOLD/USD Gold lost some of its gains on Wednesday after it peaked in almost nine years, but hopes for new stimulus measures in the coronavirus crisis continued to support demand. Our Analysis: Provided that the price is above 1856.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1868.82 Take Profit 1: 1876.00 Take Profit 2: 1885.00 Alternative scenario: In case of breakdown of the level 1856.00 and the consolidation of the price below this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1856.00 Take Profit 1: 1846.00 Take Profit 2: 1833.00 Learn More Fundamental Trading Analysis of EUR/USD The German GfK Consumer Confidence Survey for August was reported at -0.3. Economists predicted a figure of -5.0. Forex traders can compare this to the German GfK Consumer Confidence Survey for July, reported at -9.0. Preliminary Eurozone Consumer Confidence for July is predicted at -12.0. Forex traders can compare this to the previous Eurozone Consumer Confidence for June, reported at -14.7. Our Analysis: Should price action for the EUR/USD remain inside the or breakout above the 1.1540 to 1.1620 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.1585 Take Profit Zone: 1.1755 – 1.1815 Stop Loss Level: 1.1450 Alternative scenario: Should price action for the EUR/USD breakdown below 1.1540 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.1450 Take Profit Zone: 1.1285 – 1.1325 Stop Loss Level: 1.1540 Learn More ‌ ‌ ‌ ‌ ‌ Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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