Should we keep a close eye on the price movements of the USD/CHF pair, which appears to be forming a triple top?
09.08.2022
- U.S. 3-Year Treasury Auction
- U.S. NFIB Small Business Optimism Index
Yesterday, the U.S. dollar fell slightly against both the euro and the yen. The USD/JPY pair dropped by about 120 pips from 135.578 to 134.357. During today’s Asian trading session, it has been trading in a range around 134.852.Ahead of tomorrow’s U.S. CPI release, the market as a whole is adopting a wait-and-see stance. However, since the 4-hour chart shows solid support at the 20-day moving average, we will be watching to see if the downside remains firm heading into tomorrow.
Among European currencies, the Swiss franc has remained firm against the U.S. dollar, with USD/CHF falling approximately 110 pips from 0.9633 to 0.9521.Since USD/CHF has formed a clear triple top on the daily chart, we will closely monitor whether it breaks below the neckline at 0.9521 and continues lower. If it does break lower, we will initially set the daily 200-day SMA at 0.9411 as our target.
Today, at 4:00 p.m. CET, Hungary’s Consumer Price Index will be released, followed by Canada’sat 19:00, the U.S. NFIB Small Business Optimism Index at 19:00, Mexico’s Consumer Price Index and Producer Price Index at 20:00, U.S. Q2 Nonfarm Productivity at 21:30 (U.S. time), and a U.S. 3-year Treasury auction at 26:00. I plan to closely monitor price movements in USD/CHF, which appears to be forming a triple top.
Author: Keisuke Sakurai
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