The rates continue within a downtrend. Over the summer, the dollar was significantly weaker against major currencies. The situation began to change in August. Safe assets began to give way to a stronger dollar. Gold lost 6% in value, and as for the franc, the latter turned out to be more stable and for 30 days we observed a consolidation in the rates in the range of 0.9025-0.9175 CHF.
This week, safe-haven assets continued rising because of fears about the perspectives of an effective vaccine against the coronavirus. Therefore, the dollar, which previously strengthened due to good employment reports, retreated from the achieved values.
Next week will be more volatile. We expect the publication of reports on US manufacturing activity, retail sales, and of course, the FOMC meeting and the Fed's economic forecasts. However, a change in the rate is not expected. A change in the trend is also unlikely. Most technical analysis tools tend to follow the trend. We believe that deals on the trend will be the most effective. Entry points to the market can also be the levels of 0.9025 and 0.9175, the breakout of which will signal the end of the consolidation phase.
