USDCHF has been quite impulsive with the bearish pressure recently which led to a break below 0.9250 area with a daily close which is also the lowest price area for years. USD having mixed economic reports is struggling with the gains against CHF which is expected to push the price much lower in the coming days. Today, USD Building Permits report is going to be published which is expected to have a slight decrease to 1.29M from the previous figure of 1.30M, Housing Starts is expected to increase to 1.23M from the previous figure of 1.19M, Import Prices is expected to increase to 0.6% from the previous value of 0.1%, and Prelim UOM Consumer Sentiment report is expected to have a slight decrease to 95.4 from the previous figure of 95.7. On the other hand, CHF has no impactful economic report to support its impulsive gains resulting to the severe weakness of USD in comparison. As of the current scenario, a certain correction is expected in the pair before CHF proceeds with its gains further in the coming days.
Now let us look at the technical view. The price is currently residing below the 0.9250 price area from where a certain correction is expected towards the 0.9250 before proceeding lower towards the 0.90-0.91 support area in the coming days. As the price remains below 0.9450, the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com