News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Is investing in your favorite brand or buying its products the better financial move? Read the article for a breakdown. https://t.co/iWOlDAK8cD https://t.co/0uS5VvWj12
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/PW5pCw9dKR
  • The Japanese Yen has been making a comeback, but it may soon resume its decline against the US Dollar as USD/JPY consolidates within a bullish Falling Wedge. Watch for a breakout. Get your market update from @ddubrovskyFX here:https://t.co/zxRWoNR4lS https://t.co/bXTx0TSRmU
  • BTC/USD treading water sideways, 28600 the big level to watch. ETH/USD working on forming a nice-looking descending wedge. Get your market update from @PaulRobinsonFX here:https://t.co/H1qOV4FR1P https://t.co/tjutUl7Nt7
  • Gold hasn’t been very active the past few sessions, but that could change next week and provide a stronger trading bias. Get your weekly gold technical forecast from @PaulRobinsonFX here: https://t.co/HaEe3i4Sug https://t.co/LsARS2mnFI
  • Market uncertainty sees GBP pairs break out of their ranges. Get your weekly GBP forecast from @HathornSabin here: https://t.co/IRO7a6Jv8J https://t.co/4LxWz7sOVF
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.01% 🇪🇺EUR: 0.01% 🇨🇦CAD: -0.03% 🇬🇧GBP: -0.16% 🇦🇺AUD: -0.21% 🇯🇵JPY: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/AXKeEsin95
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.02% Gold: -0.27% Silver: -0.91% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/PgsZBsHHp8
  • The Canadian Dollar is poised to snap a three week losing streak against the US Dollar after USD/CAD reversed sharply off technical resistance early in the week. Get your $CAD market update from @MBForex here:https://t.co/JhO6n3Di9h https://t.co/17N1aFRUDB
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.45%, while traders in Wall Street are at opposite extremes with 75.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/3ADpF5W5Af
USD/CHF Price Forecast: Bearish Trend to Continue on Break Below 1.0008

USD/CHF Price Forecast: Bearish Trend to Continue on Break Below 1.0008

Mahmoud Alkudsi, Analyst

USD/CHF Price Outlook, Charts and Analysis

  • US Dollar looking ahead to PCE figures and two FED members speeches today.
  • Looking at USD/CHF price action since mid-May

Find out more about what is likely to move market prices through mid-year, and download for free Q2 main currencies and commodities forecasts

To learn more about data releases for this week check outDailyFX Economic Calendar

USD/CHF– Trading Lower

On May 13, USD/CHF began a downtrend after carving out a lower-low at 1.0050.The pair continued even lower after failing four times in a row to break above 1.0121, but rebounded on May 24 from the level discussed in our previous article, 1.0008. However, price rallied after and failed to overtake 1.0098, effectively capping any positive momentum.

Alongside this development RSI remained below 50, emphasizing the strength of bearish momentum.

Just getting started?See our Beginners’ Guide for FX traders

USD/CHF DAILY PRICE CHART (FEB 4, 2019- May 31, 2019)

USD/CHF Price Daily 31-05-19

A closer look at the USD/CHF daily chart shows the bears trying to retake initiative. However, any move lower is contingent on breaking and closing below the May 24 low at 1.0008. This development could lead price to a lower multi-day trading range (0.9920- 1.0008), with an increased likelihood of seeing the lower end of the range. Weekly support zones of 0.9995-0.9988 and 0.9977 – 0.9971 (61.8% Fib) should be monitored. Additionally, key supports levels at 0.9958 and 0.9939 also need to be considered.

A close above 1.0130 could mean the beginning of a bullish move towards 1.0215. Weekly and daily resistances at 1.0147, 1.0166, 1.0186 and 1.0201 should be watched closely.

Having trouble with your trading strategy?Here’s the #1 Mistake That Traders Make

USD/CHF Two-HOUR PRICE CHART (May 21– 31, 2019)

Please add a description for the image.

Looking at the 2-hr chart, today USD/CHF tested the neckline of a double-top pattern at 1.0049 three times, however, it rose after. If the price breaks and remains below 1.0049 it could trade towards the May 24 low at 1.0008. The daily support level at 1.0024 should be in focus as well. A break below 1.0008 could lead the pair to trade towards the zone of 0.9995 – 0.9988.

A break above 1.0085 could lead USD/CHF towards the May 22 high at 1.0099. If the pair breaks the aforementioned high price might edge even higher towards the May 21 peak at 1.0120. Weekly resistance at 1.0108 should also be watched closely.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES