USDCHF has completed the breakout from the previous ascending wedge pattern with price breaking down below 0.9640 - 0.9612 support level to test June 24/Brexit lows at 0.9553. The strong bounce off this support level has sent USDCHF back to test the broken support level at 0.9640 - 0.9612 to establish resistance. USDDCHF could remain range bound within these levels with further bias being established either on an upside breakout of a continued decline below 0.95530.
There are no major releases from Switzerland this week, save for Tuesday’s trade balance numbers, which is unlikely to move the markets much. However, focus on the US economy gains attention, especially on Thursday’s durable goods orders which is expected to show a recovery in July. On Friday, the US Q2 GDP is up for a second revision but estimates point to a weaker revision which could be a negative for the US dollar if the GDP is indeed revised lower.
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