FXOpen
The US Dollar (USD) fell against the Swiss Franc (CHF) on Monday, dragging the price of USDCHF to less than even 0.9200 ahead of some key economic events. The technical bias already remains bearish due to a Lower Low (LL) and Lower Higher (LH) in the recent wave on daily chart.
Technical Analysis
As of this writing, the pair is being traded near 0.9172. A support may be noted around 0.9150, the psychological number ahead of 0.9069, the low of the last major dip as demonstrated in the following daily chart and then 0.9000 which is again a major psychological level.
On the upside, the pair is expected to face a hurdle near 0.9250, the confluence of 61.8% fib level as well as psychological number ahead of 0.9305, the 50% fib level and then 0.9541, the high of the last major upside rally. The technical bias will remain bearish as long as the 0.9541 resistance area is intact.
US Durable Goods
The US Bureau of Census is due to release the Durable Goods Order report tomorrow during the early New York session. According to the average forecast of different economists, the durable goods orders inched higher by 0.2% in May as compared to -0.1 in the month before. Generally speaking, higher durable goods orders are considered positive for the economy thus a better than expected actual outcome will be seen as bullish for USDCHF and vice versa.
Trade Idea
Considering the overall technical and fundamental outlook, buying the pair around current levels appears to be a good strategy in short to medium term if we get a bullish pin bar or bullish engulfing candle on daily chart.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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