Daily Trading Signal

    * USD/CHF at 0.8870, immediate support at 0.8865, triple bottom on 2-hour time frame.

    * Bullish correction possible with doji and bullish engulfing candlestick near 0.8865, RSI and MSCD oversold.

    * Buy above 0.8865, target 0.8900 or 0.8925, stop loss below 0.8835.

The safe haven currency pair USD/CHF is currently trading around the 0.8870 level and is facing immediate support around the 0.8865 level. This support level is reinforced by a triple bottom formation that can be seen on the two-hour time frame.

The formation of a doji and bullish engulfing candlestick pattern near the 0.8865 level indicates that there may be a bullish correction in this pair. Additionally, the RSI and MSCD indicators have entered the oversold zone, which could give investors another reason to consider a buy position above the 0.8865 level.

The recommendation is to look for a buy position above 0.8865 with a target of 0.8900 or 0.8925, and to have a stop loss below the 0.8835 level.

USD/CHF - Trade Idea

Entry Price – Buy Above 0.88649

Stop Loss – 0.88401

Take Profit – 0.89253

Risk to Reward – 1 : 2.45

Profit & Loss Per Standard Lot = +$604/ -$248

Profit & Loss Per Micro Lot = +$60/ -$24

Daily Trading Signal

    * GBP/USD at 1.2488, with strong resistance at 1.2508, in an overbought zone and sellers triggered a corrective move.

    * If the pair drops below 1.2475, the potential to reach an important level at 1.2450 with a 38.2% Fibonacci retracement mark.

    * Candles closing above 1.2450 could provide an opportunity to go long with targets at 1.2500 and 1.2540 levels.

On Tuesday, the GBP/USD currency pair was trading at the 1.2488 level and facing strong resistance around 1.2508.

As the pair was already in the overbought zone and facing resistance around the 1.2500 level, sellers triggered a corrective move and completed a 23.6% Fibonacci retracement at the 1.2475 level.

If the pair continues to drop below this level, it could potentially reach 1.2450, which is an important level to focus on, as it is also extended by a 38.2% Fibonacci retracement mark.

If candles close above the 1.2450 level, it may provide an opportunity to go long with targets at 1.2500 and 1.2540 levels.

GBP/USD - Trade Idea

Entry Price – Buy Above 1.24546

Stop Loss – 1.24128

Take Profit – 1.25065

Risk to Reward – 1 : 1.2

Profit & Loss Per Standard Lot = +$519/ -$418

Profit & Loss Per Micro Lot = +$51/ -$41

Daily Trading Signal

    * S&P 500 trading slightly bullish around $4137 level, SDX gaining support at $4120 with upward trend line.

    * Bulls gathering around $4120 level, potential for SPX to test immediate resistance at $4170 and reach next level at 4200.

    * If SPX drops below $4120, could reach $4089. Technical indicators suggest weakening bearish bias, recommended to take buy position above $4120 level.

The S&P 500, the US economy's leading stock market index, is trading slightly bullish around the $4137 level. On the two-hour time frame, the SDX is gaining immediate support at $4120, which is extended by an upward trend line.

The closing of several candles above the $4120 level suggests that bulls gather around this level. There are chances for the SPX to continue its bullish trend and test the immediate resistance level of $4170. A break above $4170 can push the SPX toward the next resistance level at 4200.

Alternatively, if the SPX breaks below $4120, it could drop to $4089. The leading technical indicators, such as RSI and MACD, suggest that the bearish bias is weakening, and the bulls may take over soon. Therefore, the recommended strategy is to take a buy position above the $4120 level today.

S&P500 (SPX) Trade Idea

Entry Price – Buy Above $4119

Stop Loss – $4098

Take Profit – $4171

Risk to Reward – 1 : 2.44

Profit & Loss Per Standard Lot = +$519/ -$212

Profit & Loss Per Micro Lot = +$51/ -$21

Daily Trading Signal

    * EUR/USD tests EMA50 with slight negative trades.

    * Stochastic indicator shows positive momentum.

    * Main bullish trend targets 1.1030 milestone.

    * Today's trading range: 1.0800 support, 1.0970 resistance.

The EUR/USD pair experienced minor negative movements yesterday, testing the EMA50 as the stochastic indicator displays a clear positive momentum, which is anticipated to encourage the price to continue its primary bullish trend, targeting 1.1030 as the next milestone.

Thus, our positive outlook will persist for the foreseeable future, keeping in mind that breaching the 1.0845 level could put pressure on the price to test the 1.0745 zone before making another attempt to rise. Today's projected trading range lies between 1.0800 support and 1.0970 resistance.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.09668

Stop Loss – 1.09366

Take Profit – 1.10408

Risk to Reward – 1 : 2.5

Profit & Loss Per Standard Lot = +$740/ -$302

Profit & Loss Per Micro Lot = +$74/ -$30

Daily Trading Signal

    * Gold price broke the $1,992.20 level and closed below it, reinforcing the bearish trend and setting the stage for a move towards $1,957.30 as the next target.

    * The EMA50 is putting negative pressure on gold, suggesting further declines in the upcoming sessions unless the $1,992.20 and $1,997.75 levels are breached.

    * Today's trading range for gold is expected to be between $1,960.00 support and $1,995.00 resistance.

Gold price succeeded in breaking the $1,992.20 level and concluded last week beneath it, reinforcing the ongoing correctional bearish trend's dominance on an intraday basis and paving the way towards $1,957.30 as the next primary target. Note that breaking this level will propel the price to visit the subsequent correctional level at $1,929.00.

As a result, we anticipate further declines in the upcoming sessions, bolstered by the negative pressure exerted by the EMA50. Keep in mind that breaching the $1,992.20 level, followed by the $1,997.75 level, will halt the negative scenario and prompt the price to attempt to reclaim the main bullish trend.

Today's expected trading range is between $1,960.00 support and $1,995.00 resistance.

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $1975

Stop Loss – $1965

Take Profit – $1995

Risk to Reward – 1 : 1.12

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Micro Lot = +$200/ -$100

Daily Trading Signal

    * Bitcoin seeks to rebound from $27,200 support level.

    * Must surpass $28,000 for significant growth.

    * Currently in a bearish zone below $30,000.

Bitcoin is attempting to rebound from its support level of $27,200, but it must overcome the $28,000 hurdle to achieve considerable growth.

The digital currency has been in a downtrend under $30,000 and dipped further beneath $28,000 before discovering support at $27,200.

At present, it is in the process of consolidating losses and encountering resistance at $28,000 as well as the 100-hourly Simple Moving Average.

Should it breach this barrier, it may come up against resistance at $28,500 and $28,800 before potentially reaching $30,000.

However, if it cannot surpass $28,000, it may continue its decline, with support levels at $27,400 and $27,200. A drop below $27,200 could result in additional losses towards $26,800 and $26,500.

BTC/USD - Trade Idea

Stop Loss – $28250

Take Profit – $26800

Risk to Reward – 1 : 1.9

Profit & Loss Per Standard Lot = +$950/ -$500

Profit & Loss Per Micro Lot = +$95/ -$50

Daily Trading Signal

BTC/USD Trade Ideas

Daily Trading Signal

    * NZD/USD pair nears 0.6140 level again with negative indicators, potentially breaking for further bearish correction towards 0.6020.

    * Bearish outlook maintained; surpassing 0.6210 could lead to testing 0.6290 before another decline.

    * Today's trading range: 0.6100 support to 0.6200 resistance.

The NZD/USD pair exhibits fresh negative movements, nearing the anticipated 0.6140 level again, with technical indicators providing negative signals. This bolsters the likelihood of breaking the 0.6140 level and pursuing further bearish correction, targeting 0.6020 as the next primary objective.

Thus, we maintain a bearish outlook for the near future, noting that surpassing 0.6210 could prompt the price to test the 0.6290 level before attempting another decline. Today's expected trading range lies between 0.6100 support and 0.6200 resistance.

NZD/USD Trade Ideas

Entry Price – Sell Below 0.61590

Stop Loss – 0.61976

Take Profit – 0.60930

Risk to Reward – 1 : 1.7

Profit & Loss Per Standard Lot = +$660/ -$386

Profit & Loss Per Micro Lot = +$66/ -$38

Daily Trading Signal

    * Bitcoin's price declines below $29,000, potentially dropping below $28,000.

    * Short-term bearish phase was initiated after slipping below $30,000 and $29,500.

    * Bears push price towards $28,000 support, with Bitcoin consolidating losses.

Bitcoin's price is declining below $29,000, with potential to drop further below $28,000 and approach the $27,200 support in the near term. Starting a new decline from the $30,500 resistance, BTC slipped below $30,000 and $29,500, entering a short-term bearish phase.

As the price dipped below $29,000, bears pushed it towards the $28,000 support. Currently consolidating losses, Bitcoin is trading well below $29,000 and the 100-hourly Simple Moving Average. Immediate resistance lies at $28,500, with a key bearish trend line on the BTC/USD hourly chart.

Major resistances are at $28,800 and $29,250, the latter near the 50% Fib retracement level of the drop from $30,461 to $28,009. Breaking above $29,250 could trigger a notable increase, potentially revisiting $30,000 or even $30,500.

If Bitcoin fails to surpass $28,500, it may keep declining. Immediate downside support is at $28,100, followed by $28,000. Breaking below $28,000 could lead to $27,400 or $27,200 support levels.

BTC/USD Trade Ideas

Entry Price – Buy Above $27,786

Stop Loss – $26,887

Take Profit – $28,685

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$890/ -$890

Profit & Loss Per Micro Lot = +$89/ -$89

Daily Trading Signal

    * GBPUSD pair attempts to breach 1.1940 resistance, maintaining stability below it.

    * EMA50 strengthens 1.1940 resistance level, anticipating corrective bearish wave.

    * Today's expected trading range: 1.1820 support to 1.1990 resistance.

The GBP/USD pair continues its upward momentum, attempting to breach the 1.1940 resistance level while maintaining stability below it. The EMA50 converges with this level, reinforcing its strength and anticipating the resumption of the corrective bearish wave, with the next primary target at 1.1625.

The Stochastic indicator currently displays prominent negative signals, suggesting that the price may drop in the coming sessions, confined within the bearish channel visible on the chart.

As a result, our bearish outlook remains valid and in effect. It's important to note that surpassing the 1.1940 and 1.2020 levels would halt the projected decline and lead to a price recovery.

For today, the anticipated trading range is between 1.1820 support and 1.1990 resistance.

GBP/USD Trade Idea

Entry Price – Sell 1.24051

Stop Loss – 1.24308

Take Profit – 1.23693

Risk to Reward – 1 : 13

Profit & Loss Per Standard Lot = +$350/ -$250

Profit & Loss Per Micro Lot = +$35/ -$35