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The USD/CHF pair found strong resistance and now it has dropped. It's trading at 0.9484 at the time of writing. The price dropped as the Dollar Index turned to the downside in the short term and erased the latest gains.
The USD was weakened by Powell's remarks about the economic outlook, inflation, and the labor market. You knew from my analyses that the US reported mixed data today. A 50 bps rate hike is expected in December after lower inflation was reported in October.
Tomorrow, the fundamentals should move the rate. The Switzerland Consumer Price Index may report a 0.0% growth versus 0.1% growth in the previous reporting period, Retail Sales could register a 3.5% growth, while Manufacturing PMI is expected to drop from 54.9 to 54.1 points.
In addition, the economic calendar is filled with important US data as well. Core PCE Price Index and ISM Manufacturing PMI could come in worse compared to the previous reporting period. Unemployment Claims, Final Manufacturing PMI, Personal Income, and Personal Spending are also very important.
Technically, the instrument has found resistance at the 0.9545 former high again and now it has turned to the downside. It is challening the 0.9489 - 0.9475 support zone and the weekly pivot point of 0.9480.
After escaping from the down-channel pattern, the price was expected to develop a larger growth. Still, unfortunately, the upside move was stopped by 0.9545. So, an upside continuation could be activated only by a valid breakout above this level.
A valid breakdown below 0.9458 opens the door for more declines in the short term. It could approach and reach the downtrend line.
False breakdowns below 0.9458 and coming above the 0.9489 level signal a potential growth towards 0.9545. A good long opportunity appears only if it jumps above 0.9545.
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