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The USDCHF is Recovering its Lost Positions

12/23/2022 10:45 AM

The US dollar shows a weak corrective growth, testing the level of 0.9320 for a breakout. At the moment, the USD/CHF pair is recovering to the levels of Monday, December 19, receiving support from macroeconomic statistics from the US.

The Gross Domestic Product (GDP) for the third quarter increased by 3.2%, which was better than the previous estimate of experts at 2.9%. In addition, the dynamics in the labor market signal its resilience to global recession risks and the ongoing monetary tightening in the US: the number of Initial Jobless Claims increased by 216.0 thousand, which is less than the forecast of 222.0 thousand, but slightly more than the previous figure of 214.0 thousand, and Continuing Jobless Claims adjusted from 1.678 million to 1.672 million.

Today, traders will be watching for the release of November data on Durable Goods Orders, US household Personal Income and Spending, and New Home Sales. Analysts think that the number of real estate transactions will decrease by 4.7% after rising by 7.5% in the previous month.

Bollinger Bands in D1 chart demonstrate a moderate decrease. The price range is narrowing, reflecting ambiguous dynamics of trading in the short term. MACD indicator is growing, while preserving a rather stable buy signal (located above the signal line). Stochastic is showing similar dynamics being located in the middle of its area.

Current readings of technical indicators signal in favor of the development of a corrective growth in the near future.

Resistance levels: 0.9350, 0.9400, 0.9478, 0.9550. | Support levels: 0.9300, 0.9250, 0.9200, 0.9150.

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