FX.co ★ USD/CHF

TECHNICAL OUTLOOK OF USD/CHF: USD/CHF traded in different directions on Thursday. The pair traded higher in the first half of the day, unlikely to be driven by macroeconomic data. But it sharply reversed during the U.S. session, which also was unlikely to be provoked by data or fundamentals. There were no significant reports on Thursday, but the Bank of England announced the results of its meeting, which influenced movements in both pairs. However, there needed to be a clear consensus on the direction of the U.S. dollar and the Swiss franc. The BoE kept the interest rate unchanged. Therefore, we likely won't see continuous, purely technical movements, such as a flat or correction. Lately, the price has been trading in a limited range, indicating that the market is taking a breather. On the 15-minute chart, several trading signals were generated, but volatility remained relatively modest. The first sell signal turned out to be a false signal as the price bounced from the 0.9065 level, and it didn't even fall by 17 pips. Subsequently, the price consolidated above the 0.9065-0.1012 range. Afterwards, it rose by approximately 20 pips, dropping just ten pips short of the target level of 0.1027. Hence, no sell signal was generated, and the price eventually returned to the 0.9065 level, where the trade was closed at the stop-loss, resulting in no profit or loss. To reiterate, even if it's not a pure flat, it is a movement very close to it. Therefore, several trading signals were both false and weak.

FUNDAMENTALS OF USD: The Typical Hourly Income delivered by the U.S. Department of Work Measurements is a considerable sign of work cost expansion and the snugness of work markets. The Central Bank Board gives close consideration to setting loan costs. A high perusing is sure for the USD, while a low perusing is negative.

USD Average Hourly Earnings (MoM)(Oct)