Daily U.S. Session Watchlist: USD/CHF


 We’ve got consumer confidence and durable goods orders data coming in from the U.S. today!

Could these reports push this dollar pair around?

Before moving on, ICYMI, today’s Asia-London session watchlist looked at a neat trend pullback setup on AUD/JPY ahead of BOJ Governor Kuroda’s speech. Be sure to check that out if it’s still a valid play!

And now for the headlines that rocked the markets in the last trading sessions:

Fresh Market Headlines & Economic Data:

U.S. to keep travel restrictions in place due to Delta variant

Bitcoin fell back below $40K after Amazon denied plans to accept BTC payments

Australia’s Victoria state to ease some lockdown measures

Sydney reports new record level of COVID-19 daily cases

South Korean economy grew by fastest pace in a decade at 0.7% in Q2

North Korea and South Korea to resume communication via military lines

Asian markets pulled lower by heavy selling of Chinese internet firms

Upcoming Potential Catalysts on the Economic Calendar:

U.S. headline and core durable goods orders at 12:30 pm GMT

RBA Deputy Governor Debelle’s speech at 12:35 pm GMT

U.S. CB consumer confidence index at 2:00 pm GMT

If you’re not familiar with the forex market’s main trading sessions, check out our Forex Market Hours tool.

What to Watch: USD/CHF

This pair has been consolidating inside a descending triangle, and price is closing in on the floor around .9140.

Is USD/CHF a buy or a sell?

Upcoming mid-tier reports from the U.S. could spur either a bounce or a break, depending on their outcome.

Analysts are projecting mixed results from the durable goods orders report, with the headline reading slated to advance from 0.3% to 0.8% and the core figure to dip from 2.3% to 2.1% in June.

Later on, the July CB consumer confidence index might print a decline from 127.3 to 123.9 to reflect weaker optimism. Fears about the Delta variant likely contributed to a dip in confidence for this month.

Still, stronger than expected results might be enough to keep the Greenback afloat, allowing the triangle bottom on USD/CHF to hold. If that’s the case, the pair could recover to the triangle top near .9200.

A break lower, on the other hand, could be followed by a selloff that’s the same size as the triangle chart pattern or roughly 120 pips.

Stochastic is hinting at a bounce, but the moving averages seem to be prepping for a bearish crossover. Better keep your eyes peeled for any clues from the candlesticks!