The end of the trading week is nearly upon us, with the Friday close just around the corner. It has been a muted open on Wall Street, with the DJIA and S&P 500 near flat. The big story of the day has been a drop in consumer sentiment for the first two weeks of July.

According to the Michigan Consumer Sentiment Index, optimism has lagged to a measure of 97.1, under projections of 98.2. Academic studies often seem abstract, and this release certainly fits that description. For now, the U.S. markets are ignoring the data, presenting traders with a slightly bullish tone.

USD/CHF Technicals

In an update from yesterday, I outlined a trading opportunity in the Swissie. Check it out here. After posting fresh yearly highs, the USD/CHF is rotating near the 1.0050 handle. Be on the lookout for a late-session sell-off going into the weekend.

U.S. Market Overview

Today is an important session on several fronts. WTI crude oil is currently rallying above a key level on the daily timeframe. Gold continues to sell-off and seems intent on testing 1225.0 in the near future. Traders are noncommittal toward U.S. equities, seemingly content to ride out a positive week. All in all, there is not a whole lot of risk on the table right now.

Of course, that is the beauty of active trading — something is always about to happen. For the rest of the U.S. session, there are several things to be aware of:

• FED Monetary Policy Report 11:00 AM EST
• FOMC Member Raphael Bostic Speech 12:30 PM EST
• Baker Hughes U.S. Oil Rig Count 1:00 PM EST

I expect more hawkish commentary from the FED, which is likely already priced into the market. With the recent chaos in WTI crude oil, many traders are going to be watching the Baker Hughes Rig Count with interest. Last week showed a gain, with 863 rigs. Be on the lookout for even more rigs to be up and running this week.

One way or another, Fridays are always interesting. With a bit of luck, we will have a trade or two going into the weekend.