25.10.201815:47 Forex Analysis & Reviews: Fundamental analysis of USD/CHF for October 25, 2018

Long-term review

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USD/CHF has been quite impressive with the recent bullish pressure which lead the price towards 0.9980-1.0050 resistance area. CHF has been struggling to gain momentum over USD despite the recent mixed economic results from the US published recently.

USD has weakened recently on the back of economic reports, but it managed to gain momentum over CHF due to comparatively worse economic results. This week CHF did not have any impactful economic reports but next week the Credit Suisse Economic Expectations, SECO Consumer Climate and Retail Sales report are going to be published which might lead to certain gains. Today the US Core Durable Goods Orders report was published with a slight increase to 0.1% from the previous value of 0.0% but failed to meet the expected value of 0.5%. The Durable Goods Orders decreased to 0.8% from the previous value of 4.4% which was expected to decrease to -1.3% and the Goods Trade Balance report was published with a decrease to -76.0B from the previous figure of -75.5B which was expected to be at -74.9B. Moreover, the Unemployment Claims increased to 215k from the previous figure of 210k which was expected to be at 214k.

As of the current scenario, USD is expected to be stronger in the wake of the mixed economic reports while CHF being silent with no economic news. Next week volatility may increase in the market, but if CHF performs better than expected, only then certain bearish pressure may be observed in this pair or else USD may continue to dominate further in the future.

Now let us look at the technical view. The price is currently residing at the edge of 0.9980 area with a Bearish Divergence formation alongside. Though the price has been quite bullish recently, certain corrections are also observed along the way. As the price remains below 1.0050 area with a daily close, there are certain chances of the price pushing lower towards 0.9850 support area in the coming days.

SUPPORT: 0.9700, 0.9850

RESISTANCE: 0.9980, 1.0050

BIAS: BULLISH

MOMENTUM: VOLATILE

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