Choppy Opening Week Trade For The USD
The USD is attempting to make a late-2020 charge vs the majors. However, sentiment toward the Greenback isn’t all too positive. With more government stimulus just around the corner and continuation of the Fed’s QE unlimited, it looks like the USD is going to struggle for quite some time. And, last Friday’s sub-par Nonfarm Payrolls didn’t do much to help the situation. With more COVID-19 lockdowns probable for early 2021, it appears that the Greenback will be under pressure for the immediate future.
Typically, early-December is a slow time in the markets. Known as the “holiday lull,” market liquidity is typically reduced, as is price action. Nonetheless, it’s important to not fall asleep. As we saw with 2018’s Christmas Eve equities crash, anything is always possible!
This week’s economic calendar is relatively sparse, but there are a few events worth noting. Thursday features the release of November’s CPI figures, as well as the weekly jobless claims numbers. All of these reports are going to be heavily scrutinized and will have an impact on USD valuations. So, be sure to stay tuned as these events unfold.
USD Trades Sideways Against The Swiss Franc
With only a few hours left in the trading day, a daily Doji candlestick pattern is possible in the USD/CHF. Rates are nearly unchanged following a failed early session rally.
+2020_12_07+(11_03_38+AM).png)
Overview: For the USD/CHF, a bearish bias remains warranted. Sellers are in full control of the market, with rates having yet to post a meaningful pullback. For all intents and purposes, it’s short-or-nothing for the Swissy.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals