USD/CHF bulls aim for 0.9100 amid quiet markets
- USD/CHF fails to respect the Tuesday’s halt to two-day winning streak.
- Global markets turn cautious ahead of the Jackson Hole Symposium events.
- Trade deal optimism, hopes of virus cure favor the risk-on mood.
- Swiss ZEW Economic Survey, US Durable Goods Orders will be in the spotlight.
USD/CHF stays near the intraday high of 0.9085 during the early Wednesday’s trading. In doing so, the pair prints 0.06% intraday gains while keep the previous day’s bounce off 0.9072.
While a lack of major data/events joins mostly empty news feed to restrict the pair’s immediate moves. Also in the same line is the wait for the key central bank leaders’ speech from the Jackson Hole Symposium.
However, trader sentiment remains positive as government efforts in the UK and the US raise hopes of the early cure to the coronavirus (COVID-19). Further, the previous day’s news that the US and China remain positive, as far as the phase one deal is concerned, add strength to the upbeat market mood despite worrisome figures of the US Consumer Confidence.
As portraying the risk-tone sentiment, the US 10-year Treasury yields rise 1.3 basis points (bps) to 0.695% whereas the S&P 500 Futures stay sluggish around the record top of 3,448.75 marked on Tuesday.
Moving on, Swiss ZEW Survey – Expectations for August, prior 42.4, can offer immediate direction to the pair ahead of July month’s US Durable Goods Orders, expected 4.3% versus 7.6% prior. Even so, traders shouldn’t expect a major move ahead of Thursday’s US session unless any surprises from the virus and/or trade front pops-up.
Technical analysis
21-day SMA level of 0.9110 offers the immediate resistance to the pair ahead of a three-week-old falling trend line, currently near 0.9132. Alternatively, sellers await a clear break below 0.9050 to renew effort in breaking the 0.9000 psychological magnet.
Reprinted from FXStreet,the copyright all reserved by the original author.
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