24.05.201808:34 Forex Analysis & Reviews: Fundamental Analysis of USD/CHF for May 24, 2018

Revisione a lungo termine

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USD/CHF has been quite bearish recently after bouncing off the 1.0035 area with a daily close and a false break before it. USD has been the dominant currency in the pair for months where CHF has taken a back seat to gain some momentum recently.

USD has been quite strong with the economic reports and economic developments discussed at the FOMC Meeting recently. A decrease in unemployment and increase in GDP is considered hightly important factors for the first quarter of 2018. Ahead of a speech by FED Chair Powell tomorrow about the upcoming economic decisions like the interest rate hike probability next month and future monetary policies, today FOMC officials Dudley and Bostic are going to speak. Their remarks are expected to have a neutral impact on the gains of USD in the short run. Moreover, today US Unemployment Claims report is going to be published which is expected to decrease to 220k from the previous figure of 222k, HPI is expected to decrease to 0.5% from the previous value of 0.6%, Existing Home Sales is expected to decrease to 5.56M from the previous figure of 5.60M, and Natural Gas Storage is also expected to decrease to 92B from the previous figure of 106B.

On the other hand, this week CHF did not have any economic reports or events to encourage further gains of the currency against USD, whereas investors may concider safe haven currencies for long positions.

As for the current scenario, USD economic forecasts are quite dovish today for which upcoming gains might be a bit slower on the USD side. Temporary sentiment on favor of CHF may lead to certain bearish pressure in the pair in the coming days before USD continues to dominate further in the future.

Now let us look at the technical view. The price is currently residing at the edge of the resistance area of 0.9980 to 1.0035 area while intersecting with the dynamic level of 20 EMA in the process. The dynamic level Tenkan is holding the price as resistance whereas Kijun may work as a strong support trying to push the price higher in the coming days. Until price breaks above 1.0035 with a daily close, impulsive bullish pressure may not be observed and as the price remains below 1.0035, there are certain chances of bearish impulsiveness in the process with target towards 0.9850 support area in the coming days.

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