Forex $1 MM Challenge - Trade #8 (3-27-19) Bought SGD/CHF
Singapore consumer prices rose 0.5% in February from a year ago which was less than expected and lower than the 0.6% estimated in a Reuters poll. The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry said inflation dropped due to the sharp drop in global oil prices during the fourth quarter of last year. Nevertheless, MAS’s current position is to let the Singapore dollar appreciate around an estimated 1% annual pace.
Switzerland’s central bank continued to acquire foreign currency at the end of 2018. This strategy is in an effort weaken the safe-haven Swiss franc against a basket of foreign currency because a weaker Swiss franc is makes Swiss exports cheaper aboard.
So this morning I went long the SGD/CHF forex pair. Let go to the charts to see the trade set up.
Monthly Chart (Curve Timeframe) – monthly supply is at 0.76000 and monthly demand is at 0.69500.
Weekly Chart (Trend Timeframe) – the trend sideways because the pivot low in the orange rectangle is lower than the pivot low in the green circle.
Weekly Chart (Entry) – went long when price pulled back to the weekly demand at 0.72350 with a target at the weekly supply.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
