Yesterday turned out to be favorable for the dollar, allowing it throughout the day to strengthen its position against the franc. Now the pair is testing the resistance level 0.9690, which was formed by the two previous upward fractals. But in this case it is not necessary to lose sight of the expectation of publication indicator of consumer activity, which can characterize the state of the economy and development in the future. If the index is higher than the expectations it will provoke a stronger dollar, and thus the growth of the currency pair.
Basic movement
USDCHF does not hide the rising prevalence of mood, consolidation above 0.9740 will be a signal to make purchases up to the level of 0.9880. Also pay attention to the possible formation of topping model from the resistance level 0.9810.
Alternative movement
A weakening dollar is possible at lower index of consumer activity, but for making sales, ensure the predominance of descending sentiment. If the pair will be able to consolidate below 0.9540 should make sales to 0.9350.
LEVELS
Of resistance: 0.9740, 0.9810, 0.9880.
Of support: 0.9540, 0.9350.
Basic movement
USDCHF does not hide the rising prevalence of mood, consolidation above 0.9740 will be a signal to make purchases up to the level of 0.9880. Also pay attention to the possible formation of topping model from the resistance level 0.9810.
Alternative movement
A weakening dollar is possible at lower index of consumer activity, but for making sales, ensure the predominance of descending sentiment. If the pair will be able to consolidate below 0.9540 should make sales to 0.9350.
LEVELS
Of resistance: 0.9740, 0.9810, 0.9880.
Of support: 0.9540, 0.9350.
Recommended Content
Editors’ Picks
AUD/USD rises to two-day high ahead of Aussie CPI
The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected. That spurred speculations that the Federal Reserve could put rate cuts back on the table. The AUD/USD trades at 0.6488 as Wednesday’s Asian session begins.
EUR/USD now refocuses on the 200-day SMA
EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.
Gold price cautious despite weaker US Dollar and falling US yields
Gold retreats modestly after failing to sustain gains despite fall in US Treasury yields, weaker US Dollar. XAU/USD struggles to capitalize following release of weaker-than-expected S&P Global PMIs, fueling speculation about potential Fed rate cuts.
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
Australia CPI Preview: Inflation set to remain above target as hopes of early interest-rate cuts fade
An Australian inflation update takes the spotlight this week ahead of critical United States macroeconomic data. The Australian Bureau of Statistics will release two different inflation gauges on Wednesday.