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  • 🇫🇷 Consumer Confidence (JAN) Actual: 92 Expected: 94 Previous: 95 https://www.dailyfx.com/economic-calendar#2021-01-27
  • US Dollar Outlook: DXY Forms Head and Shoulders Pattern Ahead of FOMC - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/01/27/US-Dollar-Outlook-DXY-Forms-Head-and-Shoulders-Pattern-Ahead-of-FOMC.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $USD $DXY #USDollar #FOMC https://t.co/rt603Ix66D
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  • The US unemployment rate stood at 6.77% in Dec, which marks a long way to return to the pre-Covid level of 3.8%. The latest core PCE was at 1.4%, showing little sign of inflation overheating. This suggests that conditions for the Fed to consider tapering are far from met. #FOMC https://t.co/vtnC2V1Q2P
  • Heads Up:🇩🇪 GfK Consumer Confidence (FEB) due at 07:00 GMT (15min) Expected: -7.9 Previous: -7.3 https://www.dailyfx.com/economic-calendar#2021-01-27
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  • Outside of GameStop and other activist driven stocks, risk markets seem to be struggling for direction. Maybe the Dow and EURUSD will draw direction from the growth forecasts, the FOMC rate decision and key earnings (like TSLA and AAPL). My analysis: https://www.dailyfx.com/forex/video/daily_news_report/2021/01/27/Dow-and-Dollar-Steel-for-FOMC-Top-Earnings-and-Growth-Fight-Against-Speculative-Control.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/SqdH9JM6Pu
USD/CHF Consolidates Under Fibonacci Level and March High

USD/CHF Consolidates Under Fibonacci Level and March High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CHF Consolidates Under Fibonacci Level and March High

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-USD/CHF turned up sharply to begin the year but the rally failed spectacularly at the March 2015 high (61.8% retracement of the decline from the November high is also at the same level). The decline on 1/7 was fueled by the global equity massacre and associated scramble to cover short funding currency positions and hedges. Failure to hold the trendline off of the August and October lows would delay anything bullish in USD/CHF until at least .9582 (2 equal legs down from November). Strength above 1.0120 is needed in order to suggest that the broader rally is resuming.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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