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Macro Support In Play For The USD/CHF
Welcome to Friday’s trade! It has been a big week, highlighted by bond market chaos and the Trump/Xi summit. At press time, the US 10-year Note yield is around 5.221%. These levels haven’t been seen since the global financial crisis of 2008-12. “Caution” is the theme of the day as traders gear up for the weekend break.
US stocks are slightly in the green, the USD Index (DXY) is off about 0.25%, and commodities are flat. The big mover today is natural gas, which is down nearly 4% in intraday trade.
Earlier this week, I posted a EUR/USD buying opportunity from just above 1.1355. The play turned out to be a banger, taking zero draw and producing 40+ pips to the topside. We’ll cover this Trade Idea and more on the US session livestream!
Here is a support zone worth watching for USDCHF:
Monthly Bollinger MidPoint: 0.8207
Monthly 38% Fibonacci Retracement: 0.8213
This is a case of “what once was resistance is now support!” If we see a pullback in the USDCHF, a bidding opportunity will present itself from 0.8200-0.8225. Check out our Key Levels for more information on this Trade Idea.
That’s all for now; we’ll see you on today’s US session livestream! (1:00 PM EST, Switch Markets on YouTube)
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