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Dollar Trades at Highest Price 13 October vs Franc

Dollar

The U.S. dollar is trading around 0.93 against the Swiss franc. This is after the USD/CHF currency exchange rate has seen gains of two days in a row. The greenback is trading at its highest price point since 13 October.

Inflation is the main theme on today’s economic calendar. The United Kingdom will publish their monthly consumer price index (CPI) and monthly factory gate prices or producer price index (PPI). The European Union will also release their monthly consumer price index. Various euro area central bankers will also be giving commentary on monetary policy during the day.

The world’s largest economy, the United States, will release weekly crude oil inventory numbers. The U.S. is also publishing monthly building permits and monthly housing starts.

Switzerland’s economic calendar has no top tier economic data scheduled for publication on Wednesday. The Great White, Canada will also publish their headline and core consumer price index.

Daily U.S. Dollar Technical Analysis (USD/CHF)

Looking at the above daily MT 4 price chart, the dollar just below the 23.6 percent Fibonacci level as we head into Wednesday’s trade session. The 14 day MACD histogram looks positive which could signal gains for the USD/CHF Forex market.

With that said, the almighty dollar notes immediate technical resistance lining up at a falling trend line in play since late April. This upside barrier line up near 0.9340. The greenback is also above the 200 day simple moving average.

The next layer of resistance lines up at the September high price point of 0.9368 before challenging the yearly high price point at 0.9475.

On the downside, support lines up at the July high price point at 0.9275/4. The August monthly high price level lines up at 0.9240 before the 200 day simple moving average near 0.9165.

A daily close below the 200 DMA opens the door for the fifty percent Fibonacci level at 0.9115 before 0.91 comes into focus.

About David Frank

David has his MA and PhD in Economics. He is a technical analyst who has been trading in the Forex world for over a decade. As an analyst and trader, David believes in the big picture by blending together technical analysis with the fundamentals behind the scenes in the Forex and Bond markets. David’s trading strategy is unique. He blends an understanding of fundamental and macroeconomics with technical analysis to offer a unique view into Forex. He applies several strategies including carry long positions, to take advantage of high yields in non-volatile markets, as well as using quicker, chart related analysis for day trading.

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