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On August 13, Ukrainian President Zelensky is leading his team to do their utmost to influence Trumps thinking before the Trump-Putin meeting. According to U.S. officials, because a series of phone calls in the past six months have yielded little results, Trump is eager to communicate face to face with Putin to judge his willingness for peace talks. U.S. officials believe that if Trumps words sometimes seem pro-Russian, it is because he believes that such public statements will help to facilitate an agreement. One official said that Trump is still "annoyed with Putin" and said: "For several months, the general view has been that we can destroy the Russian economy tomorrow. Of course, there are more ways to destroy Ukraine. But if he chooses sides, he will hit the Russian economy first. He is really fed up." The official added that even if diplomatic efforts fail, Trump will still support Ukraine by selling weapons to NATO countries. "Maybe Trump cant do it, but he will try his best."Russia announced a monthly production cut of 85,000 barrels per day from July to November, with an additional cut of 9,000 barrels per day in December.The U.S. MBA mortgage application activity index was 281.1 in the week ending August 8, compared with 253.4 in the previous week.The U.S. MBA 30-year fixed mortgage rate was 6.67% in the week ending August 8, compared with 6.77% in the previous week.The MBA mortgage refinancing activity index in the United States for the week ending August 8 was 956.2, compared with 777.4 in the previous week.

USD/CHF Price Analysis: Bulls Are Optimistic Due to Bullish Pennant Formation, 0.9500 is a Target

Drake Hampton

Apr 18, 2022 09:46

The USD/CHF pair is trading within a narrow range of 0.9411-0.9439 following a stronger rally from the April 14 low of 0.9330. On Easter Monday, the asset is trading flat against a weakening US dollar index (DXY) in early Tokyo.

 

On a four-hour chart, USD/CHF is creating a bullish pennant pattern, which indicates a lack of direction following a strong run to the north and points to more higher if consolidation breaks sharply. In general, a consolidation phase is characterized by the establishment of long positions by market players who did not participate in the first rally or by the placement of bids by investors who choose to enter an auction after a bullish bias develops. The March 16 high of 0.9460 serves as critical horizontal resistance.

 

At 0.9358 and 0.9400, the 20- and 50-period Exponential Moving Averages (EMAs) are advancing, implying additional potential. While the Relative Strength Index (RSI) (14) is established between 60.00 and 80.00, indicating a bullish trend.

 

If the stock overcomes horizontal barrier at 0.9460, bulls will push it towards psychological resistance at 0.9500, followed by the 5 June 2020 high of 0.9650.

 

On the other hand, a decline below the March 28 high of 0.9382 will bring the asset down to its April 14 low of 0.9324. If the latter is breached, the asset will be dragged towards the April 13 low of 0.9287.

USD/CHF Four-Hour Chart

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