USDCHF Daily Outlook 08-09-20 – Last week the USD finally bottomed out in a rare net-positive week in its multi-month downtrend, possibly supported by better-than-expected U.S. business sentiment data, and net positive economic updates. Meanwhile, it ended up being a net-negative week for both the Euro and the Swiss Franc. Monday was a public holiday in the US, so we didn’t see much action in the trading world, but Japan released its GDP numbers during Tuesday’s Asian session.
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On Tuesday we’ll also be looking at the GDP growth rate from the Euro area, Australia’s Consumer Confidence Index, and China’s inflation rate.
Today I’m looking at the USD/CHF pair which continues above the Ichimoku cloud on the 4-hour chart after bottoming out at 0.90 last week. The immediate resistance level is at 0.91 but if the trend change is confirmed this week, we could see long term gains towards 0.97.
Do you think the USD has bottomed out for the rest of 2020? Head over to the comments section and let me know.
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