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Brief forecast about gold, nasdaq, usd/chf
As we sit ahead of a future inflation or deflation or both, still to come, we need to understand how gold will perform in these sets of conditions. Gold being an inflation hedge but not so much on its value in deflation. But gold is not so easy to slot into a pre-defined category like this. In history it has performed well in several other situations. In uncertainty, whether it has been in wartime, economic uncertainty or simply national uncertainty it has performed well. When confidence in currencies seeps away gold prices in those lands reflect the fall of the currency as it rises. The major point we will describe is that gold is both an asset and cash at times and will be so in the relatively near future!
USD/CHF ran into decent selling interest around parity, putting the cross under pressure. We prefer staying short EURCHF, particularly now that EURUSD is trading heavy. For UDSCHF, continue to play the range and stay flexible.
Currently, the USD/CHF pair trades 0.11% higher at 1.0055, reversing a spike to 1.0062 fresh session highs. The risk currency US dollar, found some support from the ongoing recovery in the European stocks and lifted USD/CHF from a brief downward spike to 1.0012, where the 20-DMA intersects.
However, the upside remains capped as the pair fails to take-out key resistance near 1.0065 regions, while the dip in the oil prices again combined with the cautiousness ahead of the ECB decision is also likely to keep a check on the prices.
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