As predicted by price action, the Dollar made a quick rally to 92.750. However, the price is looking to reject this zone and head lower. Traders are now seeking intraday shorts for USDCHF.
Dollar bulls made a statement yesterday as bulls were able to take the price back to a key zone near 92.750. A breach above this zone is critical for the Dollar to continue the momentum to the next key level of 93.170. Bears on the hourly timeframe are starting to reject this level, hinting at a possible revisit to 92.500.
While the Dollar attempts to fight off today’s bearish pressure, USDCHF is starting to fall after rejecting the range high. This range high is at 0.92375 and has had previous rejections in the past quarter. Traders can expect the price to visit the range low near 0.91300 if Dollar bearishness continues.
Tomorrow is the ECB rate statement and press conference. Forecasts have the interest rate remaining the same but there may be tweaks to the current monetary policy. Traders could expect a volatile start to the New York session as the US will also be releasing its unemployment claim numbers.
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