US Dollar Remains Buy On Dip Against Swiss Franc
- US dollar continues to trade higher against the Swiss franc, as the USDCHF pair sellers failed to take it lower.
- Euro did manage to find buyers around the 1.2820-10 level against the US dollar yesterday, but remains under a key pivot area.
- AUDUSD continues to move down and broke the all-important 0.8900 support area to challenge the 0.8850 level.
- GBPUSD is slowly grinding higher, but it looks like that the pair is unable to gain momentum, which might result in a drop moving ahead.
There is a major confluence support area forming around the 0.9370-60 levels. Both the key moving average 100 and 200 on the hourly chart are sitting around the mentioned levels. The most important thing to note is that there is a bullish trend line, which is meeting around the stated area, and the 50% fib retracement level of the last leg from the 0.9297 low to 0.9430 high also sit around the same levels. So, one might say that the 0.9360 level is a monster support for the USDCHF pair, and if the US dollar sellers manage to take the pair lower from the current levels, then they might struggle to break the highlighted confluence area.
Intraday Support Level – 0.9370
Intraday Resistance Level – 0.9410
- Overall, the pair is in an uptrend, but there is a chance of a small correction towards the 0.9380-70 levels.
- Buying dips might be considered as long as the pair stays above the 200 hourly moving average.
If the pair climbs from the current levels, then it might face hurdle around yesterday’s high of 0.9418. A break above the mentioned level could take the pair towards the last high of 0.9430. The only bearish sign to note as of writing is that the hourly RSI is below the 50 mark, which might discourage the US dollar buyers.
The British pound after trading as low as 1.6280 against the US dollar managed to find bids, and currently heading towards the 50% fib retracement level of the last leg from the 1.6523 high to 1.6282 low. However, the pair is lagging momentum, which might cause a pullback in the short term. The 1.6400-10 area is an immediate resistance on the way up, followed by the 61.8% fib level at 1.6431. However, there are a lot of support levels for the pair on the downside, starting with the 100 hourly moving average at 1.6340. There is also a bullish trend line, which is just below the 100 hourly moving average. The most important support is around the 200 hourly moving average, which is currently around the 1.6285 level.
Intraday Support Level – 1.6340
Intraday Resistance Level – 1.6401
- If the pair dips from the current levels, then one might attempt a buy trade around the 1.6340 level.
- Buyers are likely to appear around the 100 hourly moving average.
The British Bankers' Association (BBA) Mortgage Approvals will be released in the UK during the London session, which might cause some moves in the GBPUSD pair.
Think Global - Act Local
Simon Furman is one of the best financial analyst with 27 years of trading experience
New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.
Taking into account today’s volatile economy GTCM endeavors to provide its clients with a secure trading environment and strong financial services. We aim to establish a strong relationship with our customers by providing them with ease, transparency and accountability on all their account activities
Banc De Binary is home to the 21st century investor. Founded in the wake of the 2008 financial crisis, we set out to provide the simplest, most profitable trading solutions, and have built a following among customers in over 80 countries worldwide. Today, we provide access to the financial markets via our online binary options platform to 250,000 account holders. As a World Finance listed company and multi award-winning firm, we are proud to be able to guarantee a safe and risk-controlled environment for all our valued clients.
HY Markets is a market leader in providing retail and institutional investors with access to foreign exchange and other capital markets. With HY Markets you can trade forex, metals such as gold and silver, energy products such as US oil and natural gas, commodities, indices as well as stocks, all from a single integrated account.
Ikon Markets are an online trading service provider affiliated to the Ikon Group, an acclaimed global network for online financial trading. Prior to the introduction of our online segment. We, at Ikon, have had many years of experience in providing financial trading services to institutional investors, such as banks, large financial institutions and mutual fund companies.