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How to make money on foreign currency? Trading Ideas For Forex Traders 08/19/2020: USDCHF Updates 5-Year Lows!

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The USDCHF pair is actively declining during the trading session on Wednesday. The greenback lost 0.6% against the franc just this week, hitting a five-year low of 0.90. Given the ongoing flight of investors from the dollar, market participants are betting that aggressive sell-off of USDCHF may continue.

 

 

AMarkets

 

 

The US currency remains under pressure amid falling Treasury yields and nervousness ahead of the minutes of the FOMC meeting, which will be published today at 21:00 Moscow time.

 

Pressure on the dollar and uncertainty about the prospects for a new bill on a new package of fiscal stimulus in Congress. To all appearances, the negotiations have finally reached an impasse. As analysts at Deutsche Bank pointed out in a note, Senate Majority Leader Mitch McConnell said that "ongoing negotiations will not necessarily end with an agreement," and there were reports in the media that Republicans are considering further cuts in stimulus.


The upcoming presidential and parliamentary elections to be held in the United States in November add volatility to the market. Some analysts cite the main risk that power in Congress and the White House could pass into the hands of the Democratic Party. Democrats could reverse the 2017 tax cut, which will negatively impact corporate earnings growth.


In the spotlight of investors today is the publication of the minutes of the meeting of the US Federal Reserve Committee on the open market. It is likely that the protocols will not reflect any noticeable changes in the regulator's rhetoric, however, the comments of representatives and the distribution of votes can also help experts to predict the dynamics for the near future. There is a high probability that the Fed will indicate a willingness to tolerate higher inflation rates. In this scenario, the pressure on the dollar may well increase. As for Swiss statistics, interesting data will appear only tomorrow, when data on the dynamics of industrial production for the 2nd quarter of 2020 will be published.

 

 

USDCHF SellLimit 0.9060 TP 0.89 SL 0.9110


Analytical reviews and comments to them reflect the subjective opinion of the authors and are not a recommendation for trading. Author Artem Deev is a trader analyst at AMarkets . Forex social network is  not responsible for possible losses in case of using the review materials

 

 

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