Swiss Franc and Yen Under Some Selling Pressure ahead of Weekly Close
Action Insight Mid-Day Report 9-17-21

Swiss Franc and Yen Under Some Selling Pressure ahead of Weekly Close

Swiss Franc and Yen are both under some selling pressure today, following rallying major global treasury yields. Sterling is weighed down by weak retail sales while Euro is not too far away. Dollar is mixed and Canadian and Aussie are the relatively stronger ones. The economic calendar is light in US session, and risk markets development would drive the forex markets towards the end of the week.

Technically, GBP/CHF could finally be making a decision to break through 1.2790 resistance in a firm way. The development would argue that corrective pattern from 1.3070 has completed at 1.2467. Further rise is now in favor as long as 55 day EMA holds, to retest 1.3070 high. EUR/CHF is on track to 1.0985 resistance and break will pave the way to retest 1.1149 high. USD/CHF is also resuming whole rise from 0.8925 to retest 0.9471 resistance.

In Europe, at the time of writing, FTSE is up 0.06%. DAX is down -0.02%. CAC is up 0.32%. Germany 10-year yield is up 0.0312 at -0.269. Earlier in Asia, Nikkei rose 0.58%. Hong Kong HSI rose 1.03%. China Shanghai SSE rose 0.19%. Singapore Strait Times rose 0.22%. Japan 10-year JGB yield rose 0.0047 to 0.050.

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USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9221; (P) 0.9249; (R1) 0.9307; More....

Sustained break of 0.9273 resistance confirms resumption of whole rise from 0.8925. Intraday bias remains on the upside for 0.9471 resistance next. Decisive break there will carry larger bullish implications. On the downside, below 0.9258 minor support will turn intraday bias neutral first, before staging another rally.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
22:30 NZD BusinessNZ Manufacturing Index Aug 40.1 62.6
6:00 GBP Retail Sales M/M Aug -0.90% 0.50% -2.50% -2.80%
6:00 GBP Retail Sales Y/Y Aug 0.00% 2.60% 2.40%
6:00 GBP Retail Sales ex-Fuel M/M Aug -1.20% 0.70% -2.40%
6:00 GBP Retail Sales ex-Fuel Y/Y Aug -0.90% 2.60% 1.80%
8:00 EUR Eurozone Current Account (EUR) Jul 21.6B 22.3B 21.8B
8:30 GBP Consumer Inflation Expectations 2.70% 2.40%
9:00 EUR Eurozone CPI Y/Y Aug F 3.00% 3.00% 3.00%
9:00 EUR Eurozone CPI Core Y/Y Aug F 1.60% 1.60% 1.60%
14:00 USD Michigan Consumer Sentiment Index Sep P 70.2 70.3