- Housing starts in the U.S. rise 3.2% in November.
- US Dollar Indes stays below the 97 mark.
- European stocks trade mixed on Tuesday.
The USD/CHF pair failed to take advantage of the upbeat macroeconomic data releases from the U.S. and continues to trade in the negative territory near the 0.99 mark. As of writing, the pair was down 0.28% on the day at 0.9902.
According to the monthly report published by the U.S. Census Bureau, housing starts rose 3.2% in Noıvember following October’s 1.6% contraction and the total amount of building permits issued increased by 5% in the same period. Despite these data, however, the US Dollar Index struggled to break above the 97 mark and was last seen at 96.85, where it was down 0.3% on a daily basis.
There won’t be any macroeconomic data releases from the U.S. in the remainder of the day and markets will be looking at the market sentiment for a potential catalyst ahead of tomorrow’s critical Fed meeting. Meanwhile, major European indices are staying relatively calm on Tuesday with Germany’s Dax adding 0.2% and the UK’s FTSE losing 0.45%.
Technical levels to consider
The pair could face the first technical support at resistance at 0.9910/0.9900 (200-DMA/psychological level), 0.9875 (100-DMA) and 0.9860 (Dec. 11 low). On the upside, resistances align at 0.9950 (20-DMA), 1.0000 (psychological level) and 1.0065 (Nov. 5 high).
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