Forex Marketz Daily Forex News – Fully Markets Update
The USD/CHF Forex market has been rising since the appearance of a bullish bearish engulfing candlestick. The Swiss franc is now at a fresh 5 month low and has been weakening ever since they unpegged their currency to the euro.
Technical Analysis
Looking at the technical analysis for the USD/CHF Forex market, there is near term resistance lining up at 0.9830. A daily close above this level challenges the next technical resistance level lining up at the 0.99 pivot. The alternative technical analysis, should the US Dollar reverse course and fall lower, thus pushing the USD/CHF down, see technical support lining up at 0.9770. A break below this technical level challenges the next technical support lining up at 0.9713.
Trade Strategy
Let’s now look at today’s USD/CHF trade strategy. There is not a lot of event risk on today’s economic calendar that will impact this Forex market. This means the USD will be prone to drifting against its Swiss franc counterpart. With that said, the absence of any event risk means I will need to rely on my technical analysis and charts to make a trade decision today. So, let’s get to it. The USD/CHF is trading very close to a technical resistance level. This means taking a long USD trade, from a risk to reward perspective, is not justifiable. On the other hand, there are no bearish reversal signals. This means a short USD trade is a bit premature at this time. With this said, I will opt to stand aside, for now, and monitor my charts for better trade opportunity to present itself. For today, I am flat in the USD/CHF Forex market.