Forex Marketz Daily Forex News – Fully Markets Update
The U.S. dollar continues to consolidate around 0.8965 to 0.8950 against the Swiss franc. The USD/CHF currency exchange rate is also trading below the one hundred and two hundred (100, 200) day simple moving averages as Forex traders wait on their next signal before making a big move.
Looking at the above daily MT 4 price action chart, the almighty dollar remains subdued and the trend is lower in the USD/CHF Forex market.
The economic calendar for Wednesday is very light. There are really no big macroeconomic data releases scheduled. The United States will publish weekly crude oil inventory levels. This means traders will be looking at headlines from U.S. naval exercises in the South China Sea to coronavirus pandemic (Covid-19) headlines and vaccination progress.
Daily U.S. Dollar Technical Analysis (USD/CHF)
The U.S. dollar is trading below 0.8963 and near 0.8950 as the USD/CHF remains skewed lower. The technical indicators including the MACD histogram and 14 day relative strength index (RSI) are trending lower below their mid-lines as the bears seemingly remain in control. However, the MACD is signaling oversold.
The consolidation around 0.8960 remains valid as we enter into the back half of the week. There are also bottom bottoms in play limiting losses as range trade since late February remains. A daily close below 0.8960 makes it crucial for more possible losses.
A daily and sustained close below 0.8960 opens the door to challenge the 23 February low price point at 0.8948 with the 17 February low price at 0.8920. The horizontal layer of support in play at 0.8860 would then come into focus.
On the upside, the first layer of technical support lines up at 0.90. The next upside barrier comes into play at 0.9005 with the horizontal layer of technical resistance at 0.9045 then coming into play. A daily close above 0.9045 opens the door for the 13 May high price point at 0.9093.
