Forex Marketz Daily Forex News – Fully Markets Update
The USD/CHF Forex market has been inching higher over the last several weeks. Not in a big way just creeping slowly without any big direction. Recently the US Dollar saw its strongest close, daily, in three months. This is indicating Dollar buyers are looking above the 0.97 pivot.
Technical Analysis
Looking at today’s technical analysis in the USD/CHF Forex market, there is near term resistance lining up at 0.9711. A daily close above this level challenges the technical resistance lining up at 0.9770/71. The alternative USD/CHF technical analysis, should the USD move lower, this pulling this Forex market lower, notes technical support lining up at 0.9640. A break below this technical support challenges the trend line support lining, for today, at 0.9571.
Trade Strategy
There is not a lot of event risk affecting the USD/CHF Forex market. Traders are still looking into the Fed’s remarks trying to gauge whether or not they will raise rates in September. With little if no economic news, I will have to rely on my charts. So let’s get to it. The trading range is narrow right now. This means that there is no clearly defined price action to warrant either a long or short USD trade at this time. The Dollar is also trading in close proximity of a technical resistance level. From a risk to reward perspective, timing is not quite right to make a trade. For now, I will opt to stand aside and monitor my charts for a better trade opportunity to come along.