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.

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