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SpaceX Retreats From $225; USDCHF In Play!
Welcome to Tuesday’s trade! It was an active day on Wall Street, headlined by a bullish break in SpaceX stock. Shares of SPCX closed at $200, up 5% on the day but well off of session highs near $225. Surprisingly, the NASDAQ100 didn’t follow the bullish lead, trading down by nearly 2% on the session. Forex action was significant as the USD braces for the first FOMC meeting under new Chairman Kevin Warsh. We’ll have all the coverage live Wednesday on the Switch Markets YouTube channel…see you there!
One of the most active forex majors this week has been the USDCHF. Rates are down nearly ½% as traders weigh safe-haven appeal vs a potentially hawkish Fed. Given this dynamic, a key support zone is coming into play:
13-Week EMA, 0.7885
Weekly 62% Fibonacci Retracement, 0.7878
Check out our Key Levels for more information on this Trade Idea. It’s going to be a huge 36 hours on the forex market. The Fed, Swiss National Bank, and Bank of England are all due out with their latest interest rate decisions. Stay tuned to Switch Markets for the latest on the world’s central banks, SpaceX price action, and the Iran War. It’s an active news cycle…see you on our next livestream!
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