USD/CHF Forecast Today 30/05: Falls After Push Higher -Chart

(MENAFN- Daily Forex)

• The US dollar initially did try to rally a bit during the trading session on Thursday as we got word that a lesser court had blocked the tariffs in the United States, but reality kicked in as two things happened.
• Number one, the Trump administration appealed to the Supreme Court immediately, which the American traders would have known this.
• This is why the bulk of the gains occurred in Asia. It was React First, Think Second.
• Then we got the GDP numbers coming out of the United States at a contraction of 0.2%, although they are preliminary numbers and will be corrected later.

This had people selling the US dollar across the board as people piled into the US treasury market, driving yields down.

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That being said, I think this is still a market that is very much in flux and in the middle of trying to turn things around and form some type of basing pattern. If and when we do, then I think you've got a situation where the 0.84 level comes into focus as it is such a major barrier based on previous market memory.

We also have the 50 day EMA sitting there offering quite a bit of dynamic resistance as well. This makes the 0.84 level as a very important level to pay close attention to anything about there opens up the possibility of a move to the 0.88 level. underneath current trading, we have the 0.81 level, which proved itself to be pretty significant support.

EURUSD Chart by TradingView

And I think at this point, we very well could see it offer that same support if we do in fact draw from here. So, despite the ugliness of the last 12 hours or so, I do think that we have a situation where value hunters may be attracted.

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