USDCHF Breakout
Major reversal in play: Chart
Share this:
The US Dollar was bullish against most of its major pairs on Thursday with the exception of the CAD and GBP. On the US economic data front, Initial Jobless Claims unexpectedly rose to 870K for the week ending September 19th (840K expected), from a revised 866K in the previous week. Continuing Claims declined to 12,580K for the week ending September 12th (12,275K expected), from a revised 12,747K in the week before. Finally, New Home Sales spiked to 1,011K on month in August (890K expected), from a revised 965K in July, a level last reached in late 2006.
On Friday, Durable Goods Orders for the August preliminary reading are expected to rise 1.3% on month, compared to +11.4% in the July final reading.
The Euro was bullish against most of its major pairs with the exception of the CAD and GBP. In Europe, on the economic data front, German IFO business climate index was released at 93.4 in September, compared with 92.5 in August (revised from 92.6) and 93.8 expected. The current conditions sub-index rose from 87.9 to 89.2 but 89.5 expected. The outlook sub-index stood at 97.7, compared with 97.2 a month earlier (revised from 97.5) and 98 expected.
The Australian dollar was bearish against all of its major pairs.
It was a relatively quiet FOREX session on Thursday. The USD/CHF gained 29 pips to 0.9269 making it the big gainer on the day. Although there was not much action in the session the USDCHF has done an impressive reversal. The pair finally broke away from its short-term consolidation between 0.899 and 0.9185. We have been watching for a break of the rectangle pattern for quite some time. 0.9185 has now become key support in the rebound. Look for a continuation higher towards targets of 0.9375 and 0.9515 in extension.
Source: GAIN Capital, TradingView
Happy Trading
On Friday, Durable Goods Orders for the August preliminary reading are expected to rise 1.3% on month, compared to +11.4% in the July final reading.
The Euro was bullish against most of its major pairs with the exception of the CAD and GBP. In Europe, on the economic data front, German IFO business climate index was released at 93.4 in September, compared with 92.5 in August (revised from 92.6) and 93.8 expected. The current conditions sub-index rose from 87.9 to 89.2 but 89.5 expected. The outlook sub-index stood at 97.7, compared with 97.2 a month earlier (revised from 97.5) and 98 expected.
The Australian dollar was bearish against all of its major pairs.
It was a relatively quiet FOREX session on Thursday. The USD/CHF gained 29 pips to 0.9269 making it the big gainer on the day. Although there was not much action in the session the USDCHF has done an impressive reversal. The pair finally broke away from its short-term consolidation between 0.899 and 0.9185. We have been watching for a break of the rectangle pattern for quite some time. 0.9185 has now become key support in the rebound. Look for a continuation higher towards targets of 0.9375 and 0.9515 in extension.
Source: GAIN Capital, TradingView
Happy Trading
The US Dollar was bullish against most of its major pairs on Thursday with the exception of the CAD and GBP. On the US economic data front, Initial Jobless Claims unexpectedly rose to 870K for the week ending September 19th (840K expected), from a revised 866K in the previous week. Continuing Claims declined to 12,580K for the week ending September 12th (12,275K expected), from a revised 12,747K in the week before. Finally, New Home Sales spiked to 1,011K on month in August (890K expected), from a revised 965K in July, a level last reached in late 2006.
On Friday, Durable Goods Orders for the August preliminary reading are expected to rise 1.3% on month, compared to +11.4% in the July final reading.
The Euro was bullish against most of its major pairs with the exception of the CAD and GBP. In Europe, on the economic data front, German IFO business climate index was released at 93.4 in September, compared with 92.5 in August (revised from 92.6) and 93.8 expected. The current conditions sub-index rose from 87.9 to 89.2 but 89.5 expected. The outlook sub-index stood at 97.7, compared with 97.2 a month earlier (revised from 97.5) and 98 expected.
The Australian dollar was bearish against all of its major pairs.
It was a relatively quiet FOREX session on Thursday. The USD/CHF gained 29 pips to 0.9269 making it the big gainer on the day. Although there was not much action in the session the USDCHF has done an impressive reversal. The pair finally broke away from its short-term consolidation between 0.899 and 0.9185. We have been watching for a break of the rectangle pattern for quite some time. 0.9185 has now become key support in the rebound. Look for a continuation higher towards targets of 0.9375 and 0.9515 in extension.
Source: GAIN Capital, TradingView
Happy Trading
On Friday, Durable Goods Orders for the August preliminary reading are expected to rise 1.3% on month, compared to +11.4% in the July final reading.
The Euro was bullish against most of its major pairs with the exception of the CAD and GBP. In Europe, on the economic data front, German IFO business climate index was released at 93.4 in September, compared with 92.5 in August (revised from 92.6) and 93.8 expected. The current conditions sub-index rose from 87.9 to 89.2 but 89.5 expected. The outlook sub-index stood at 97.7, compared with 97.2 a month earlier (revised from 97.5) and 98 expected.
The Australian dollar was bearish against all of its major pairs.
It was a relatively quiet FOREX session on Thursday. The USD/CHF gained 29 pips to 0.9269 making it the big gainer on the day. Although there was not much action in the session the USDCHF has done an impressive reversal. The pair finally broke away from its short-term consolidation between 0.899 and 0.9185. We have been watching for a break of the rectangle pattern for quite some time. 0.9185 has now become key support in the rebound. Look for a continuation higher towards targets of 0.9375 and 0.9515 in extension.
Source: GAIN Capital, TradingView
Happy Trading
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
EUR/USD weekly outlook: Oil, inflation and NFP in focus
After coming under significant pressure in recent weeks, the EUR/USD came off its lows to finish the week on a positive note on Friday, albeit with only a mild rebound. That was not enough to prevent the exchange rate falling for the third consecutive week, as the US dollar and bond yields rallied across the board.
EUR/USD Q4 2026 Outlook: Euro at a Crossroads as Fed, ECB Tighten 9 25 2026
EUR/USD enters Q4 at a pivotal inflection point as competing Fed-ECB policy paths and persistent inflation risks collide with major technical support.
USD/JPY Q4 2026 Outlook: Hawkish Fed Pricing Clashes With Intervention Risk
The year-end tug-of-war is clear: hawkish Fed pricing supports USD/JPY, while intervention risk limits the upside.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.