Forex Marketz Daily Forex News – Fully Markets Update
The U.S. dollar is trading higher against the safe haven Swiss franc headed into the end of the month. Basically the USD/CHF currency exchange rate is trading in a sideways pattern around 0.9210 as Forex traders wait on key U.S. labor data.
Today’s economic calendar is quite busy. The headline event for the almighty U.S. dollar is the monthly ADP non-farm employment change. The United States is also releasing their monthly Chicago purchasing managers’ index (PMI) as well as monthly pending housing sales data.
Switzerland will release their monthly KOF economic barometer. The United Kingdom is releasing the monthly BRC shop index. The UK will also publish their final quarterly gross domestic product (GDP). The European Union is publishing their initial monthly core and headline flash consumer price index (CPI).
Italy is also publishing their initial monthly core consumer price index (CPI). Germany, the euro area’s largest economy, will release their monthly employment change. France will release their monthly consumer spending numbers.
Daily U.S. Dollar Technical Analysis (USD/CHF)
Looking at the above USD/CHF daily MT 4 price action chart, the 14 day MACD histogram is above the mid-line. This signals more room for the dollar to move higher against the Swiss franc.
Price action is consolidating from 0.9170 to 0.9235 for the last two weeks. On 15 June, the USD/CHF Fore market spiked higher from 0.8967 to a multi-month high price point at 0.9240.
While above 0.9110/12, the multi-month high price point at 0.9240 could be challenged again. The next upside barrier lines up at 0.9250 with the 9 April high price of 0.9280 then coming into focus.
On the downside, initial technical support lines up at 0.9190. The next layer of technical support lines up at 0.9150. A sustained close below 0.9150 opens the door for the 17 June low price point at 0.9075. The one hundred (100) day simple moving average lines up at 0.9138.
