Forex Marketz Daily Forex News – Fully Markets Update
The almighty U.S. dollar is flat lining against the Swiss franc as there is some weakness prevailing for the greenback ahead of Friday’s all-watched monthly non-farm payroll report.
The headline USD/CHF currency exchange rate is trading below the fifty (50) day simple moving average and around 0.9150 as we head into Thursday.
The U.S. dollar had hit a high, on Wednesday of 0.9180 before falling lower. Today Switzerland is publishing some headline economic data. They will publish their monthly consumer price index as well as monthly retail sales data.
Switzerland is also releasing quarterly gross domestic product (GDP) data. The European Union is publishing monthly factory gate prices, also known as the producer price index.
The world’s largest economy, the United States, will release weekly initial and continuing jobless claims from the Labor Department. The U.S. is also publishing monthly factory orders. The United Kingdom has no economic data scheduled for release on Thursday.
Daily U.S. Dollar Technical Analysis (USD/CHF)
Looking at the above daily MT 4 price action chart, both the 14 day MACD histogram and the relative strength index (RSI) look flat which indicates a possible lack of price action direction in the USD/CHF Forex market.
On the downside, the technical layer of support lining up at 0.9120 has held multiple challenges. On the upside, the falling trend line from 2 July at 0.9275 is the first key resistance level to watch. Immediate technical support lines up at 0.92 with another layer of technical support lining up at 0.9140.
A daily close below 0.9140 opens the door for 0.91 with 0.9080 then coming into range. On the upside, the dollar has technical resistance lining up at 0.9275 with the 13 August high price of 0.9240 lining up next.
The next upside barrier lines up around 0.9250. However, the greenback is likely to range trade as Forex traders wait on Friday’s non-farm payroll release for August.
