Forex Marketz Daily Forex News – Fully Markets Update
Looking at the USD/CHF currency exchange rate on the above hourly MT 4 price action chart, the US Dollar (USD) is consolidating around 0.88. This is a multi-year old low price point.
The US dollar, as well as this Forex market, inability to see any meaningful upside price action, suggests that that the bears are still in control of the USD/CHF Forex market.
The United States will publish key labor data today. The private ADP non-farm payroll report will be released for the month of December. We are on the road to Friday’s key non-farm payroll report released by the Labor Department.
The world’s largest economy will also release monthly factor orders as well a final monthly services purchasing managers’ index (PMI) data. Spain as well as the Eurozone will also publish their final monthly services purchasing managers’ index.
The United Kingdom will release their final monthly services purchasing managers’ index. Switzerland (CHF) has no economic data scheduled for release today.
Daily US Dollar Technical Analysis (USD/CHF)
Looking at the US dollar on the above MT 4 price chart, the US dollar’s weakness is further exacerbated by trading well below the key simple hourly moving averages. These are the fifty one hundred and two hundred (50, 100, 200) simple hourly moving averages.
With that said, a daily close below the swing low price point at 0.8785 opens the door for even more USD/CHF weakness bringing t 2014 swing low price point at 0.87 into play next. The next downside barrier lines up in a congestion zone at 0.8350 to 0.8345.
On the upside, the USD/CHF currency exchange rate notes an upside barrier lining up at 0.8830. a daily close above this layer of technical resistance opens the door to challenge the key upside barrier at 0.8860. Above this upside barrier, the next layer of technical resistance comes into play at the round number of 0.89.
