FXOpen
The price of USDCHF rose on Tuesday following the emergence of a classic bullish pin bar near channel support. The technical bias is bullish due to a HH and HL in the current wave on daily chart. The pair is expected to be traded within the upward slope channel in short term.
US Consumer Confidence
The Consumer Board of the United States is scheduled to release the Consumer Confidence report today during the early New York session. According to the average forecast of different economists, the consumer confidence registered 100.00 reading in July as compared to 101.4 points in the month before. Generally speaking, higher consumer confidence reading is considered positive for the world’s largest economy thus a worse than expected actual outcome might spur short term selling pressure in the price of USDCHF and vice versa.
Technical Analysis
As of this writing, the pair is being traded around 0.9617. A support may be noted around 0.9529, the low of the yesterday’s bullish pin bar and channel support as demonstrated in the following daily chart. A break and daily closing below the channel support could incite renewed selling pressure, validating a dip towards the 0.9150 support area.
On the upside, the pair is expected to face a hurdle near 0.9632, the intra-day high of yesterday ahead of 0.9710, the channel resistance and then 0.9862, the high of last major upside rally. The technical bias will remain bullish as long as the 0.9150 support area is intact.
Trade Idea
Considering the huge bullish pin bar which emerged yesterday around the channel support, buying the pair around current levels appears to be a wise move. The trade should however be stopped out on a daily closing below the channel support as described above.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
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.
Latest from Forex Analysis
Latest articles
Anchored VWAP and How You Can Use It in Forex Trading
In the world of forex trading, understanding the nuanced tools at your disposal can significantly enhance decision-making processes. One such sophisticated tool is the Anchored Volume-Weighted Average Price (Anchored VWAP), which refines the standard VWAP by allowing traders to set
META Share Price Collapses after Publication of Quarterly Report
Just yesterday, META's stock price closed at USD 493.50, up approximately 40% since the start of 2024 and up nearly 300% since the start of 2023.
However, following the release of Meta's quarterly report, its shares plummeted to USD
USD/JPY Analysis: The Rate Exceeds The Level of 155 Yen Per US Dollar
Today, the price of USD/JPY once again renewed its 34-year high, exceeding the level of 155 yen per dollar, which put pressure on the current authorities.
According to Reuters, officials are trying to maintain calm in the market.
"We