USD/CHF rises late on Friday, down for the week

Matías Salord FXStreet

USD/CHF moved to the upside during the American session amid a decline of the Swiss franc across the board. The pair climbed to 0.9597, hitting a fresh highs while other crosses of the forex market remained sideways, in minor ranges. The move of the Swissy was moderated but it took market participants by surprise.

EUR/CHF bounce from 1.0920 and just recently reached 1.0951, a fresh 1-month high. GBP/CHF has risen almost a hundred pips during the American session; it is trading at 1.2480, the strongest in three weeks.

Capped by 0.9600

The pair lost strength after approaching the 0.9600 handled that has become the immediate resistance. Yesterday and today it capped the upside. A break higher could open the doors to an extension of the recovery of the US dollar. But the greenback is still under pressure, and is likely to continue that way while below 0.9650.

The short-term outlook favors the downside. It the decline continues, below 0.9550 (Jun 29 low), the next strong support is seen above 0.9500.

Negative week and month

USD/CHF is about to post the lowest weekly close in over a year as it points to a test of 2016 lows, that are located around 0.9440/50. The decline of the US dollar pushed the pair to the downside.

During June, it lost less than a hundred pips but if conformed the bearish trend. It is the fourth monthly decline in a row and the second time in two years, to post a close under 0.9600.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

AUD/USD: Next on the upside is 0.7000

AUD/USD leaves behind Monday’s downtick and trades with marked gains, approaching the critical 0.7000 yardstick ahead of the opening bell in Asia on Wednesday. The pair’s solid performance follows the Greenback’s fresh downward trend amid cooling geopolitical tensions and caution ahead of the US CPI data.

USD/JPY extends retreat below 158.50 as intervention risks loom

USD/JPY is dropping below 158.50 in the Asian session on Tuesday, snapping a two-day winning streak and pulling back from an over two-week top touched the previous day, despite Japan's soft PPI inflation print. Bulls turn cautious amid speculation that authorities will step in to prop up the Japanese Yen, which, in turn, weighs on the pair.

Gold: Bears struggle to breach below $4,150

Gold now gives away its initial gains and resumes its decline, revisiting the $4,160 region per troy ounce on Tuesday. The precious metal’s pullback comes despite the fresh downward trend in the Greenback in combination with a mixed performance of US Treasury yields across the board and easing tensions on the geopolitical front.

HYPE falls to $80 as ETF outflows and flat volume weigh on Hyperliquid

Hyperliquid (HYPE) declines 4% on Tuesday, briefly touching $80 as perpetual volumes stay flat and institutional interest decreases. Perpetual volume on the platform saw a modest increase last week from $41.5 billion to $42.5 billion. The metric matters because 99% of fees Hyperliquid captures from trading volume flow toward token buybacks.

S&P 500 earnings just hit a record. The AI data centre bill hasn't landed yet

S&P 500 companies are on track for a third straight quarter of earnings growth above 25%, according to FactSet. Their profit margin hit 17% in the April-June quarter, the highest in FactSet data going back to 2009. The cash behind those earnings has been shrinking for two years, and almost all of the shrinkage is in the handful of companies building data centres for artificial intelligence (AI).

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?