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Fundamental
Overview
The lack of catalysts
recently kept the US Dollar supported across the board despite the slowdown in
momentum. The market might now be looking forward to the first weeks of
November when we will get the key economic data, the FOMC decision and the US
elections.
There’s been also a good
argument that the markets are already positioning for a Trump victory and that
should translate in USD strength as it should appreciate on higher growth and
less rate cuts expectations. Nevertheless, not all markets have been in sync
with this view.
USDCHF
Technical Analysis – Daily Timeframe
USDCHF Daily
On the daily chart, we can
see that USDCHF continues to slowly edge higher with the buyers targeting the
key resistance around the 0.8730 level where we
can also find the trendline for confluence.
That’s where we can expect
the sellers to step in with a defined risk above the trendline to position for
a drop into the 0.8333 level. The buyers, on the other hand, will look for a
break higher to increase the bullish bets into the 0.89 handle next.
USDCHF Technical
Analysis – 4 hour Timeframe
USDCHF 4 hour
On the 4 hour chart, we can
see that we have an upward trendline defining the current bullish momentum. The
buyers will likely keep on leaning on it to position for further upside. The
sellers, on the other hand, will want to see the price breaking lower to pile
in for a drop into the 0.8550 level.
USDCHF Technical
Analysis – 1 hour Timeframe
USDCHF 1 hour
On the 1 hour chart, we
have a minor support around the 0.8640 level. This is the area the sellers will
need to break to start targeting the 0.8550 level. The buyers, on the other hand,
will likely step in around the 0.8640 level if we were to get a pullback into
it. The red lines define the average daily range for today.
Upcoming
Catalysts
This week is pretty empty on the data front with market moving releases scheduled
for the latter part of the week. On Thursday, we get the Flash Japanese and US
PMIs, and the US Jobless Claims figures.