USD/CHF turns neutral at 0.9930 after US data

Haresh Menghani FXStreet

The US Dollar seems to have gained some traction following US economic releases, with the USD/CHF pair erasing all of its losses to currently trade in neutral territory around 0.9925-30 band.

Bulls seems to have shrugged-off slightly disappointing US economic data that showed durable goods orders unexpectedly contracted by 0.1% during September and initial jobless claims falling less-than-expected to 258K for the week ending Oct. 21.

Next in focus would be pending home sales data for the month of September, which might provide further impetus during US trading session ahead of Friday's advance US GDP print that would help investors to determine next leg of directional move for the major.

From technical perspective, the pair's range-bound price-action since the beginning of this week could be categorized as consolidative phase following its recent up-move from mid-0.9600s touched in September.

Technical outlook

Immediate upside resistance is pegged near session peak level around 0.9945-50 region above which the pair is likely to dart towards parity mark. On the downside, sustained weakness below 0.9910-0.9900 area is likely to accelerate the slide towards 0.9870 horizontal support, which if broken might turn the pair vulnerable to extend its downslide further towards 0.9800 handle.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.9949

56% Bullish
33% Bearish
11% Sideways

Bias Bullish

1 Month

Avg Forecast 1.0082

62% Bullish
23% Bearish
15% Sideways

Bias Bullish

1 Quarter

Avg Forecast 1.0218

71% Bullish
24% Bearish
6% Sideways

Bias Bullish

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 holds firm near 1.1850 amid USD weakness

EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.

GBP/USD hovers near 1.3600 as UK government crisis weighs on Pound Sterling

GBP/USD moves sideways after registering modest gains in the previous session, trading around 1.3610 during the European hours on Monday. The pair could come under pressure as the Pound Sterling may weaken amid a fresh government crisis in the United Kingdom.

Gold remains supported by China's buying and USD weakness as traders eye US data

Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Cardano steadies as whale selling caps recovery

Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.