USDCHF rides low, US data in focus.
“US dollar at the brink while traders turn to risky assets.”
US dollar edges lower as traders begin to seek for risky assets, forcing USDCHF to slump lower into the oblivion. The currency took yet another step back even as US consumer Confidence rose to an eight-month high for December. Later today, all eyes will be fixated upon the release of US third quarter GDP as well as weekly unemployment claims that would provide substantial volatility to the market.
Quick recap on USDCHF
The pair clings on to its life after failing to extend its recovery above 0.94 mark.
USDCHF Weekly Technical Analysis
From weekly perspective, the pair is currently tilted towards the downside as bearish momentum picks up.
USDCHF Daily Technical Analysis
From daily perspective, 0.9231 is the bullish stronghold, at least for now. This level will reaffirm the next move for the pair.
Trading Idea
ORDER: SELL STOP
ENTRY: 0.9200
STOP LOSS: 0.9245
Target 1: 0.9155
Target 2: 0.9105
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