USDCHF breaks below key consolidation zone Whats next
FOREX.com December 14, 2020 7:18 PM
Pair remains under pressure after breaking 0.898 support.
On Tuesday, Empire Manufacturing for December is expected to rise to 6.5 on month, from 6.3 in November. Finally, Industrial Production for November is expected to increase 0.3% on month, compared to +1.1% in October.
The Euro was bullish against most of its major pairs with the exception of the CHF and GBP. In Europe, the European Commission has reported the Eurozone's Industrial Production in October at +2.1% (vs +2.0% on month expected).
The Australian dollar was bearish against all of its major pairs.
Looking at active pairs, the USD/CHF declined 26 pips in Monday's trading. The pair broke below a consolidation zone that has been in place since July. Key resistance can be identified at the 0.898 level. Look for the downtrend to continue towards support targets of 0.8805 and 0.87 in extension.
Source: GAIN Capital, TradingView
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.