Tools for Traders Top Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action Insight Mid-Day Report: Markets Tread Water as Traders' Minds are Already on Holiday The forex market are starting to ignore economic data release today and tread water, just ahead of long weekend. Dollar is trading in black across the board for the week. But better than expectation job data doesn't the greenback a boost to extend its rally. Canadian Dollar also shrugs off worse than expected GDP data and stays as the second strongest for the week. Meanwhile, Yen and Swiss France are the weakest. US- China Trade Tensions: Trump's Soap Opera to Get Better Deal Over the past months, US trade policy has been a major cause of the wax and wane of the financial markets. The White House has triggered a number of investigations under the rarely used 1972 US trade law since Trump took office. All investigations have resulted in tariff imposition, claiming to be targeting China. While Trump's tariff vow is indeed consistent with his brinkmanship foreign policy practice (pushing everything to an extreme in order to gain bargaining power), we notice that the tariffs announced are merely threats and do not intend to pose actually impact on Chinese economy. Technical Outlook USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9431; (P) 0.9470; (R1) 0.9505; More... No change in USD/CHF's outlook. Rebound from 0.9186 is still in progress but it's seen as a corrective move. Hence, we'd expect strong resistance from 0.9626 key fibonacci level to limit upside. On the downside, break of 0.9432 support will indicate near term reversal and completion of rebound from 0.9186. In this case, intraday bias will be turned back to the downside for retesting 0.9186 low. However, sustained break of 0.9626 will be another evidence of larger reversal. In this case, further rise would be seen to next fibonacci level at 0.9900. Suggested Readings Fed's Ideal Inflation Measure Rises, Claims at 45 Year Low Dollar Treads Water Ahead Of US Inflation Data NZDUSD Extends Downtrend After Breaking Below 0.7200 Dollar Holds Gains As Trade War Fears Recede Fundamentals Impacting Bitcoin, Ethereum, Ripple And Other Cryptos Dollar Stages Comeback As Yen Crumbles, US Core PCE Index Eyed Economic Data
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