Current trend
Due to USD weakening, the USD/CHF pair demonstrates local sideways dynamics, trading at 0.9143.
USD falls amid a decline in market participants' confidence in the US Federal Reserve. The regulator's decision not to take any emergency measures to counter inflation growth will harm the asset for a long time to come. In the short term, the key factor is the situation in the labor market. This week's initial Jobless Claims fell from 354K to 340K, which is a positive signal but not enough to reverse the global downtrend.
This week, CHF moved within a local sideways trend due to an increase in the Delta strain cases number. Yesterday, data on GDP in Switzerland for the second quarter were published, which reflected the growth of the country's economy to 1.8% MoM and 7.7% YoY. Analysts expected a more dynamic increase in the indicator as the inflation rate rises smoothly, reaching 0.9% for August.
Support and resistance
Globally, the price corrects upwards within the ascending channel. Technical indicators reversed upwards: fast EMAs on the Alligator indicator crossed the signal line upwards, and the AO oscillator histogram entered the buy zone and stays above the zero line.
Resistance levels: 0.9237, 0.9470.
Support levels: 0.9014, 0.8755.
Due to USD weakening, the USD/CHF pair demonstrates local sideways dynamics, trading at 0.9143.
USD falls amid a decline in market participants' confidence in the US Federal Reserve. The regulator's decision not to take any emergency measures to counter inflation growth will harm the asset for a long time to come. In the short term, the key factor is the situation in the labor market. This week's initial Jobless Claims fell from 354K to 340K, which is a positive signal but not enough to reverse the global downtrend.
This week, CHF moved within a local sideways trend due to an increase in the Delta strain cases number. Yesterday, data on GDP in Switzerland for the second quarter were published, which reflected the growth of the country's economy to 1.8% MoM and 7.7% YoY. Analysts expected a more dynamic increase in the indicator as the inflation rate rises smoothly, reaching 0.9% for August.
Support and resistance
Globally, the price corrects upwards within the ascending channel. Technical indicators reversed upwards: fast EMAs on the Alligator indicator crossed the signal line upwards, and the AO oscillator histogram entered the buy zone and stays above the zero line.
Resistance levels: 0.9237, 0.9470.
Support levels: 0.9014, 0.8755.