The USDCHF pair is having a tough time setting its next short-term direction on Tuesday as it makes indecisive moves below the 0.9950 mark. At the moment, the pair is trading at 0.9940, gaining 0.15% on the day. What’s next for the pair? Gain insight into the following 24 July USDCHF Technical Outlook.
24 July, GKFX – After making a modest recovery on Monday to erase a portion of last week’s losses, the US Dollar Index failed to preserve its bullish momentum after encountering a resistance near 94.83 in the early trading hours of the Asian session.
Amid a lack of fundamental drivers that helped the demand for the greenback remain robust, the DXY eased to 94.45 in the European morning. Ahead of the macroeconomic data releases from the U.S., the index was virtually flat on the day near 94.60.
Markit PMI and Richmond Fed Manufacturing Index Coming Next
Markit is going to announce the PMI data for the manufacturing and the service sectors in the U.S. Furthermore, Richmond Fed is going to release its Manufacturing Index, which is expected to ease to 18 in July from 20 in June.
If investors see positive readings from the U.S., the greenback could start gathering strength against its rivals.
On the other hand, major equity indexes in the U.S. paint a mixed picture in the pre-open trading. However, Google’s upbeat earning numbers that were released after the closing bell yesterday is likely to bring in more investors and provide a boost to Wall Street.
A higher risk appetite in the NA session could weigh on the CHF and provide an additional lift to the pair.
24 July USDCHF Technical Outlook
The pair could encounter the first support at 0.9900 (Jul. 23 low/psychological level) ahead of 0.9855 (Jul. 9 low) and 0.9820 (Jun. 14 low). On the upside, resistances align at 0.9945 (20-DMA), 1.0000 (psychological level/parity), and 1.0065 (Jul. 13 high).
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