USD/CHF Technical Analysis: remains poised to extend the bullish momentum

Haresh Menghani FXStreet

• Struggles to build on last week's bullish flag breakout momentum and fails ahead of the parity mark, amid reviving safe-haven demand and mixed technical indicators.
• Medium-term chart set-up suggests a follow-through up-move towards 1.0115 hurdle, marking 61.8% Fibonacci expansion level of the 0.9523-1.0057 up-move and subsequent retracement.
• The fact that the pair has been able to hold its neck above short/medium/long-term moving averages further reinforces the bullish outlook.

USD/CHF daily chart

Spot Rate: 0.9960
Daily High: 0.9990
Trend: Bullish

Resistance
R1: 1.000 (psychological round figure mark)
R2: 1.0040 (R3 daily pivot-point)
R3: 1.0057 (YTD tops set in May)

Support
S1: 0.9930 (23.6% Fibo. level of the 0.9523-1.0057 up-move)
S2: 0.9900 (round figure mark)
S3: 0.9877 (50-day SMA)

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD challenges 1.1800, two-week lows

EUR/USD remains on the defensive, extending its leg lower to the vicinity of the 1.1800 region, or two-week lows, on Tuesday. The move lower comes as the US Dollar gathers further traction ahead of key US data releases, inclusing the FOMC Minutes, on Wednesday.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold loses further momentum, approaches $4,800

Gold recedes to fresh two-week troughs around the $4,800 region per troy ounce on Tuesday. The precious metal builds on Monday’s downtick following a marked rebound in the US Dollar and mixed US Treasury yields across the board.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.