The US dollar was seen trading lower against many other major currencies, including the Swiss franc. The market sentiment was recently tilted in the favour of sellers. The USDCHF pair breached an important support area, which might lead to more losses in the pair in the near term. There is an significant release lined up later today i.e. the US existing home sales data will be published. The market is expecting a 1% gain, which if misses the forecast might dent the US dollar further moving ahead. The Chinese GDP data released during the Asian session also acted as a catalyst for the US dollar. There was a critical bullish trend line formed on the hourly chart of the USDCHF pair, which was broken by the US dollar sellers recently. This particular break has opened the doors for further downside acceleration in the short term. Currently, the pair is trading around the 61.8% fib retracement level of the last leg from the 0.9358 low to 0.9489 high. There is a high probability that the pair might continue heading lower if it fails to recover above the broken support area which could act as a resistance moving ahead. If the pair continues lower, then a retest of the last low of 0.9358 would be possible. We need to see how the US dollar sellers react once the pair corrects higher. If they manage to take the pair higher again, then the next level of selling interest would be around the 100 hourly moving average. Overall, one might consider selling rallies as long as the pair is trading below the 100 MA. ————————————- Posted By Simon Ji of IKOFX Guest Guest View All Post By Guest Forex News Today: Daily Trading News share Read Next ECB considers of corporate bonds – EUR loses high range Yohay Elam 8 years The US dollar was seen trading lower against many other major currencies, including the Swiss franc. The market sentiment was recently tilted in the favour of sellers. The USDCHF pair breached an important support area, which might lead to more losses in the pair in the near term. There is an significant release lined up later today i.e. the US existing home sales data will be published. The market is expecting a 1% gain, which if misses the forecast might dent the US dollar further moving ahead. The Chinese GDP data released during the Asian session also acted as a… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.