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Should we keep a close eye on the price movements of the USD/CHF pair, which appears to be forming a triple top?

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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

Today's Highlights
  1. U.S. 3-Year Treasury Auction
  2. 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 the 20-period moving average providing solid support at the lower end, it will be worth watching whether the downside remains firm heading into tomorrow.

Among European currencies, the Swiss franc has remained firm against the U.S. dollar, with the USD/CHF pair 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 be watching closely to see if it breaks below the neckline at 0.9521 and continues lower. If it does break lower, we will initially set the 200-day SMA at 0.9411 as our target.

Today, at 16:00 European time, Hungary’s Consumer Price Index will be released; at 19:00, Canada’s Leading Economic Index;at 19:00 the U.S. NFIB Small Business Optimism Index, at 20:00 Mexico’s Consumer Price Index and Producer Price Index, and during U.S. trading hours at 21:30 the U.S. second-quarter nonfarm labor productivity, and at 26:00 the U.S. 3-year Treasury auction.I would like to wait and see how the USD/CHF pair, which is forming a triple top, moves.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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