Solid News

USDCHF Market Update

8/24/2022 12:31 PM

The US dollar is showing moderate growth, testing the level of 0.9660 for a breakout. The day before, USD/CHF has already made attempts to consolidate above this level, but by the end of the day session, the "bulls" have lost all their positions, and the dollar retreated to the opening levels.

The reason for the emergence of negative dynamics was the weak macroeconomic statistics from the US. In particular, market participants drew attention to the decline in business activity indices, as well as New Home Sales, which fell by 12.6% in July after falling by 7.1% a month earlier. In addition, investors are in no hurry to open new long positions ahead of the US Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium. The official is expected to intensify "hawkish" rhetoric, but more moderate signals for further tightening of monetary policy are not ruled out.

Today, statistics from the US on the dynamics of Durable Goods Orders will be in the focus of attention. It is assumed that in July the figure will decrease from 2.0% to 0.6%, and the Nondefense Capital Goods Orders excluding Aircraft may slow down from 0.7% to 0.3%.

In the D1 chart, Bollinger Bands are reversing horizontally. The price range expands, freeing a path to new local highs for the "bulls". MACD grows, preserving a stable buy signal (located above the signal line). The indicator is also trying to consolidate above the zero level. Stochastic, having reached its peak values is reversing into a descending plane, signaling in favor of the development of a correctional decline in the ultra-short term.

Resistance levels: 0.9700, 0.9762, 0.9847, 0.9900. | Support levels: 0.9650, 0.9594, 0.9520, 0.9469.

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