While the data doesn’t signal a significant deterioration in the jobs picture, it also doesn’t support the urgency for a Fed rate cut in July, despite ongoing market debate. Key inflation readings — CPI and PPI, due next week on July 15 and 16, respectively — will be critical in shaping expectations.
US yields are modestly higher with the 10-year up one basis point at 4.350%. The 2-year yield is up 0.6 basis points to 3.868%.
Resistance targets include:
This week’s high at 0.7994
A break above this retracement would strengthen the bullish outlook and signal greater intent by buyers to reclaim dominance. Conversely, a move back below the 100 hour moving average and 200 hour moving average would weaken the technical picture.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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