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 looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.