Forex Marketz Daily Forex News – Fully Markets Update
The almighty U.S. dollar has lost ground against the safe haven Swiss franc. The USD/CHF currency exchange rate is trading in a narrow trade range and challenging both the one hundred (100) day simple moving average and a rising trend line. As we enter Friday, price action is trading around 0.9150 to 0.9155.
Today’s economic calendar is rather quiet as both the United States and Switzerland have no economic calendar scheduled for release. This could cause price drifting for both the U.S. dollar and Swiss franc. France and Italy are scheduled to publish monthly industrial production data.
The United Kingdom will release monthly gross domestic product data, monthly industrial production data as well as monthly manufacturing numbers. The UK is also scheduled to release 3M/3M index of services and monthly goods trade balance numbers. Canada will their monthly unemployment rate and employment change for June.
Daily U.S. Dollar Technical Analysis (USD/CHF)
Looking at the above daily MT 4 price action chart, the 14 day MACD histogram is signaling overbought conditions with a bearish crossover. The U.S dollar has risen from a low price point, set on 9 June, at 0.8926 to a high price point at 0.9276. This as a multi-month high price level. The USD/CHF Forex market has since fallen lower towards 0.9150.
There is immediate technical support at the rising trend line, mentioned above. This level is at 0.9120. The next downside barrier lines up at the key psychological level of 0.91. A daily close below 0.91 opens the door to challenge the 17 June low price level in play at 0.9075.
On the upside, the greenback has near-term technical resistance lining up at 0.9175. The next upside barrier for the USD/CHF currency exchange rate comes into play at the key level of 0.92. The next layer of technical resistance comes into play at the 29 June high price point at 0.9232.
