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The US dollar stayed in the positive territory against the Swiss franc, and every time the pair fell the US dollar buyers have managed to protect the downside. The USDCHF pair is again making an attempt to break higher, but facing an important resistance area around the 1.0080-90 levels. There were a couple of releases in Switzerland, which missed the mark and caused a downside reaction in the Swiss franc. Today, the US Building Permits report pointing the number of permits for new construction projects will be released by the US Census Bureau, at the Department of Commerce shows. Let us see if the outcome can exceed the forecast and help the USDCHF pair in the near term.

There are a couple of bearish trend lines formed on the hourly chart of the USDCHF pair, which are likely to act as a swing area for the pair. If the pair struggles to clear the highlighted resistance area around the 1.0080-90 levels, then it might move back lower. The 76.4% fib retracement level of the last leg from the 1.0110 high to 1.0021 low. So, there is a real chance that the pair might face sellers in the short term. A break above the stated hurdle could take the pair towards the pivot area of 1.0120, which is the next resistance for the pair.

If the AUDUSD pair moves lower from the current levels, then the 100 hour simple moving average can tested where the US dollar buyers might appear again.

Overall, one might consider buying dips in the USDCJF pair as long as it stays above the 100 hour MA.

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Posted By IKOFX Technical Team: Online Forex Broker
Website – http://ikofx.com