Yesterday, I made an analysis of the US dollar index (link), in which I expect the levels that may be targeted by the downward correction, which are 93.70, 93.40, and 93.16.
Level 93.16 is located near the Fibonacci level 50 of the last ascending wave, which makes it very suitable to buy the US dollar, but it will need to breach the ascending trend line first.
Today's economic events:
As you know, I hold buying positions on crude oil, and by looking at the economic calendar for today, we see that we have an OPEC Meeting and an OPEC-JMMC Meeting, which are classified as high-impact events, so let's see how this will reflect on my trading and if it helps to reach the target faster.
The USD/CHF pair is moving near the ascending trend line on the H4 frame, and if it does not find support for the medium-term bullish trend there, the breach of the trend line will mean targeting the area between the levels 0.9227 and 0.92000, just as it happens with the US dollar index.
Maybe I will take advantage of that and open new buy positions at those levels.
- Crude oil:
There was a small bullish gap this morning, and the price quickly fell back to close it, which is a good thing as this happening early cancels any potential impact from it, and as we can see, it is going well while waiting for the outcome of the OPEC meeting.
I may close some positions this morning to avoid high losses in case things don't go as expected.
That's all for now.