The USDCHF currency pair dropped to 0.8555, reaching its lowest point since January 2015.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• USD/CHF fell to a low of 0.8555, its lowest level since January 2015.

The pair currently trades last at 0.85794.

The previous day high was 0.8631 while the previous day low was 0.8578. The daily 38.2% Fib levels comes at 0.8598, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8611, expected to provide resistance.

On Tuesday, the USD/CHF slid to its lowest level since January 22, 2015, amid soft Retail Sales figures from the US from June. Following soft inflation and economic data figures from the US, investors are refraining from betting on rate hikes by the Federal Reserve following the upcoming July meeting, weakening the USD.

The US Census Bureau reported that the Retail Sales from June increased by 0.2%, missing the 0.5% expected and below the previous 0.5% monthly increase. Sales excluding the Automobile Sector also expanded but below the expectations at 0.2% vs the 0.3% expected by the Retail Sales Control Group, came in strong at 0.6% vs the 0.3% decline expected. In addition, Industrial production surprisingly decreased by 0.5% MoM while markets expected the figures to remain unchanged regarding the previous month.

As economic activity weakens, the US markets expect the Federal Reserve to be taken off the pressure to continue hiking past July. For the next week’s meeting, 25 basis points (bps) is already priced in, but the odds of a hike in the rest of 2023 dropped to nearly 20% from last week’s 40%.

On the Swiss side, the week’s highlight will be Trade Balance data from June, to be reported early in Thursday’s European session.

According to the daily chart, the short-term USD/CHF outlook is bearish. However, indicators show oversold conditions, with the Relative Strength Index (RSI) standing below conditions and the Moving Average Convergence Divergence (MACD) printed a lower red bar, suggesting that an upwards correction may be on the horizon as bears are losing steam.

Support levels: 0.8555,0.8550, 0.8375.
Resistance levels: 0.8600,0.8670, 0.8700.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8577 at the time of writing. Pair opened at 0.8606 and is trading with a change of -0.34 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.8877, 50 SMA 0.8959, 100 SMA @ 0.9033 and 200 SMA @ 0.9246.

The previous day high was 0.8631 while the previous day low was 0.8578. The daily 38.2% Fib levels comes at 0.8598, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8611, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8579, 0.8553, 0.8527
• Pivot resistance is noted at 0.8632, 0.8657, 0.8684

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...