US trade balance data and speeches from FOMC members will be watched next in the session. Meanwhile, the USDCHF trades in a tight range on Wednesday as markets are taking a break ahead of the week’s important data releases. What can traders expect next?
5 September, OctaFX – The trade balance data from the U.S, which is expected to show a deficit of $50 billion, will be looked upon for fresh impetus. In the second half of the NA session, FOMC members Williams, Kashkari, and Bostic will be delivering speeches.
Ahead of these events, the US Dollar Index is sticking to small gains near 95.50.
European equity indices record losses
Despite the modest gains seen in the greenback, the pair is having a difficult time gaining traction as the weak risk appetite helps the CHF find demand as a safe-haven.
At the moment, Germany’s DAX and the UK’s FTSE indexes are down 0.7% and 0.4% respectively to reflect the risk-off mood. The ongoing concerns over the trade conflict between the U.S. and China seem to be the primary reason why investors stay away from riskier assets.
USDCHF Trades in a Tight Range
The USDCHF pair is trading in a relatively tight range on Wednesday as markets are taking a break ahead of the week’s important data releases. At the moment, the pair is trading at 0.9750, staying virtually unchanged on a daily basis.
Resistances for the pair could be seen at 0.9810 (Aug. 28 high), 0.9900 (50-DMA/psychological level) and 1.0000 (parity). On the downside, supports are located at 0.9730 (200-DMA/daily low), 0.9650 (Aug. 31 low) and 0.9580 (Apr. 17 low).
This article about USDCHF Trades in a Tight Range was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.