After the recent developments (last week's 38k v 160k jobs missed forecast), and the possibility of a rate hike in June off the table, the markets decided to look for a safe place, and they inflated the EURCHF with 200 pips:
Risk aversion, safe havens, a lot of late commers to the party, and now we're seeing clear signs of an oversold currency about to burst (you have to go back to February 22/23 to find an oversold reading like this, and even back then, it wasn't as sharp as it is today):
....stochastics also looking, literally "off the chart"...
And most likely, that burst is going to look something like this:
Once the indicators get this extreme, so deep into oversold, someone or somebot, will take the first jump, and the chain reaction will set off...
Now it's just a matter of time. Waiting for a catalyst to set this off... A mild sign the US economy is not as bad as people thought (missing one jobs reports cannot be translated into economic mayhem...), anything that tells the market that the reaction was clearly overdone, and we can see the EURCHF long party start.
Even Tradingview is getting in on the action
:
200 pips are about to be served, you are welcome
.
Risk aversion, safe havens, a lot of late commers to the party, and now we're seeing clear signs of an oversold currency about to burst (you have to go back to February 22/23 to find an oversold reading like this, and even back then, it wasn't as sharp as it is today):
....stochastics also looking, literally "off the chart"...
And most likely, that burst is going to look something like this:
Once the indicators get this extreme, so deep into oversold, someone or somebot, will take the first jump, and the chain reaction will set off...
Now it's just a matter of time. Waiting for a catalyst to set this off... A mild sign the US economy is not as bad as people thought (missing one jobs reports cannot be translated into economic mayhem...), anything that tells the market that the reaction was clearly overdone, and we can see the EURCHF long party start.
Even Tradingview is getting in on the action
: 200 pips are about to be served, you are welcome
.