Analyzing the Steady Downtrend of USDCHF Before Key Economic Announcements
Monday, 29 July 2024, 04:29
Overview of the USDCHF Pair's Recent Performance
The USDCHF continues to cruise lower after testing its descending trend line resistance last week.
Current Market Condition
The pair is now in the middle of another pullback.
Technical Analysis
- The use of the Fibonacci retracement tool shows levels where sellers may join the slide.
Key Events on the Horizon
- The FOMC meeting is expected to create significant volatility.
- Upcoming NFP report will also be a focus for traders.
In conclusion, with the combination of current technical trends and impending economic announcements, traders should remain alert to potential further declines in the USDCHF pair.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.