US Consumer Confidence Up Next
US Consumer Confidence for July will be the main data focus over the remainder of today’s session. Ahead of the FOMC this week, the impact will likely be muted unless we see a big surprise. Recent data points have been firmly beating market expectations in the US with recent inflation and retail sales data surprising to the upside. In light of this, there is potential for today’s release to continue this trend, keeping USD supported ahead of the main event tomorrow. The market is looking for a 123.9 reading this time, down from the 127.3 reading last time around. Given the muted expectations, there is plenty of room for USD to pop higher today if the result beats expectations.
Where to Trade US Consumer Confidence?
Following the breakout above the bear channel , the rally in USDCHF was capped into a test of the .9288 level. Price has since been correcting lower within a falling wedge pattern. For now, price is hovering around the .9095 level. With MACD and RSI both roughly neutral, there is room for a break higher today. A break above the falling wedge pattern will see bulls targeting the .9288 level initially.