Highest probability FX trade right now
As of October 1st 2016, the Norwegian Krona against the Swiss Frank is unquestionably one of the highest probability trades I currently see in the FX market, if not the highest probability trade on a weekly closing basis. TradingView is not giving me permission to set-up a NOK/CHF cross, so instead I set-up the USDNOK/USDCHF, which neutralizes the US dollar in the equation.
Attached below is the chart of CADCHF, which likely signals some form of a bottom. I analyze the Canadian dollar because of its correlation with crude oil, since the correlation with oil and Norway is high as well. Looking at the NOKCAD, I see a potential breakdown in the Cad against the Nok, but far too much pressure in the $6 level to be really interested in the trade. Now let's look at the Russian Ruble - also highly correlated with oil. For now, Rubles are presenting a stronger outlook than Cad dollars - see third chart below. So let's look at NOK/RUB - the cross between these two will likely be in a long term consolidation. Lastly, let's look at Norway's currency against gold. The Norwegian Krona just broke a major weekly pennant.
CADCHF
Norway against Canada
Russia against Canada
Norway against Russia
Norway against Gold
Attached below is the chart of CADCHF, which likely signals some form of a bottom. I analyze the Canadian dollar because of its correlation with crude oil, since the correlation with oil and Norway is high as well. Looking at the NOKCAD, I see a potential breakdown in the Cad against the Nok, but far too much pressure in the $6 level to be really interested in the trade. Now let's look at the Russian Ruble - also highly correlated with oil. For now, Rubles are presenting a stronger outlook than Cad dollars - see third chart below. So let's look at NOK/RUB - the cross between these two will likely be in a long term consolidation. Lastly, let's look at Norway's currency against gold. The Norwegian Krona just broke a major weekly pennant.
CADCHF
Norway against Canada
Russia against Canada
Norway against Russia
Norway against Gold
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.