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USDCHF Market Update

8/26/2022 12:02 PM

During the Asian session, the USD/CHF pair is growing slightly, recovering from a noticeable corrective decline yesterday, and is testing 0.9640 for a breakout, remaining close to the local highs of July 22, renewed last Tuesday.

Investor activity eased ahead of US Federal Reserve Chairman Jerome Powell's speech at the annual Jackson Hole symposium. Experts suggest that the official will confirm a further increase in the interest rate by 75.0 basis points. In comparison, the slowdown in the pace of monetary tightening to 50.0 basis points may put short-term pressure on the positions of the US currency, reflecting the regulator's concern about the risks of a recession in the US economy, which may provoke an increase in alarming sentiment across the entire spectrum of the market.

On Friday, investors will focus on statistics on the dynamics of personal income and expenses of American citizens: it is assumed that in July, the dynamics of income growth will not change and will amount to the previous 0.6%, while expenses may significantly decrease from 1.1% to 0.4 %.

On the daily chart, Bollinger bands are growing slightly: the price range is expanding from above, letting the "bulls" renew local highs. The MACD indicator is growing, keeping a poor buy signal (the histogram is below the signal line). Stochastic, having retreated from its highs, demonstrates a fairly confident decline, signaling in favor of the development of corrective dynamics in the ultra-short term.

Resistance levels: 0.9650, 0.9700, 0.9762, 0.9847. | Support levels: 0.9594, 0.9520, 0.9469, 0.9400.

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