3 July USDCHF Technical Forecast: Pair edges lower


How does USDCHF trade today? Study this extensive 3 July USDCHF Technical Forecast from GKFX’s analyst to have an idea.

3 July, GKFX – After recording a modest 30-pip gain yesterday and erasing a small portion of last Friday’s sharp losses, the USDCHF pair lost its traction on Tuesday and is now approaching the 0.99 mark. At the moment, the pair is trading at 0.9922, losing 0.14% on the day.

Higher risk appetite limits the pair’s losses

The pair’s price action today seems to be dominated by the greenback valuation. The US Dollar Index, which failed to break above the 95 mark on Monday, came under pressure and retraced its recent rally as it dropped below the 94.50 mark.

Ahead of the ISM NY Business Conditions Index, factory orders, and IBD/TIPP Economic Optimism Index from the United States, the index is down 0.27% on the day at 94.35.

Wall Street looks to open the day in the positive territory

Meanwhile, the increasing appetite for risk helps the pair limit its losses. At the moment, Germany’s DAX and the UK’s FTSE indexes are up 1.5%, and 0.8% respectively.

Moreover, the pre-market trading action points to a higher opening in major equity indexes in the U.S., which could continue to make it tough for the safe-haven CHF to preserve its strength.

3 July USDCHF Technical Forecast

The pair could face the first technical support at 0.9915 (20-DMA) ahead of 0.9855 (Jun. 25 low), and 0.9790 (Jun. 7 high). On the upside, resistances align at 0.9930 (50-DMA), 1.0000 (psychological level/parity), and 1.0055 (May 9 low).

Disclaimer

This article 3 July USDCHF Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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