USDCHF Daily Outlook – Last week the US Fed Powell said the economy faces a long, uncertain recovery. But despite this on top of the horrible U.S. economic updates, the USD managed to hold its head up against the other major currencies. Across the pond though, the British pound took a beating once again on rising Brexit fears, terrible economic data from the UK and geopolitical/pandemic issues putting pressure on risk assets.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
This week we’ll be eying the UK employment change, Canada’s inflation rate, and the ECB Monetary Policy Meeting Accounts.
Today I’m looking at the USD/CHF pair which has continued within the symmetrical triangle chart pattern we identified weeks ago.
As the range narrows down, there’s less opportunity for range traders but we could also be reaching the end of the calm before the storm. Depending on which direction the pair breaks out we could see brand new opportunities.
The USD/CHF typically bounces within the wider range between 1.01 and 0.92 in the longer-term.
Since the pair recently visited the lower range level, there’s a higher chance we’d see the pair break out towards the upper range level this time around.
Do you think the bulls will outweigh the bears? Head over to the Comments section and let me know.
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