USD/CHF: macroeconomic statistics did not support the dollar
Current trend
Today during the Asian session, the USD/CHF pair moderately decline, correcting after active growth on Monday. USD is under pressure from the recent speech of the US Federal Reserve Chairman, Jerome Powell, at the annual symposium in Jackson Hole.
Yesterday’s macroeconomic statistics did not support USD. Thus, US Pending Home Sales for July decreased by 1.8% MoM after falling by 2% Mom for the last month. Analysts had expected growth by 0.4% MoM. Also, sales decreased from –1.9% YoY to –8.5% YoY.
The data from Switzerland also disappointed investors. Thus, the index of leading indicators from KOF for August fell sharply from 130.9 to 113.5 points, which was significantly worse than the market forecasts of 125 points.
Support and resistance
Bollinger bands decline on the daily chart. The price range narrows, indicating ambiguous trading in the short term. MACD stretches along the zero line, forming opposite trading signals and remaining uninformative. Stochastic tried to rise at the beginning of the week and reverses downwards, reacting to the decline in the instrument during the morning session on August 31.
It is better to wait for the clarification of trading signals from the indicators to open new positions.
Resistance levels: 0.9200, 0.9241, 0.9273, 0.9300.
Support levels: 0.9150, 0.9126, 0.9100, 0.9073.
Today during the Asian session, the USD/CHF pair moderately decline, correcting after active growth on Monday. USD is under pressure from the recent speech of the US Federal Reserve Chairman, Jerome Powell, at the annual symposium in Jackson Hole.
Yesterday’s macroeconomic statistics did not support USD. Thus, US Pending Home Sales for July decreased by 1.8% MoM after falling by 2% Mom for the last month. Analysts had expected growth by 0.4% MoM. Also, sales decreased from –1.9% YoY to –8.5% YoY.
The data from Switzerland also disappointed investors. Thus, the index of leading indicators from KOF for August fell sharply from 130.9 to 113.5 points, which was significantly worse than the market forecasts of 125 points.
Support and resistance
Bollinger bands decline on the daily chart. The price range narrows, indicating ambiguous trading in the short term. MACD stretches along the zero line, forming opposite trading signals and remaining uninformative. Stochastic tried to rise at the beginning of the week and reverses downwards, reacting to the decline in the instrument during the morning session on August 31.
It is better to wait for the clarification of trading signals from the indicators to open new positions.
Resistance levels: 0.9200, 0.9241, 0.9273, 0.9300.
Support levels: 0.9150, 0.9126, 0.9100, 0.9073.