USD/CHF has been quite bullish recently after bouncing off the 0.98 support area. The bullish move was quite corrective in nature showing no impulsive momentum. The pair is currently being held by the dynamic level of 20 EMA as resistance, willing to push the price lower. Today, several positive economic reports were published in Switzerland which helped the currency to gain momentum against USD. Today Switzerland’s GDP report was published with an increase to 0.6% as expected from the previous value of 0.4%, KOF Economic Barometer was published with an increase to 110.3 from the previous figure of 109.8 which was expected to decrease to 109.5 but Retail Sales report was quite a setback publishing with a negative value of -3.0% from the previous positive value of 0.5% which was expected to have a slight decrease to 0.3%. Despite the worse Retail Sales report, the Swiss currency gained good momentum against USD recently which indicates that CHF is starting to recover its losses once again. On the USD side, recent economic reports and events were quite positive for the economy which helped the currency to gain ground against CHF, though sustaining the consistent gain is a big question here. Today, US Unemployment Claims report is going to be published which is expected to increase to 241k from the previous figure of 239k, Core PCE Price Index is expected to increase to 0.2% from the previous value of 0.1%, Personal Spending is expected to decrease to 0.2% from the previous value of 1.0%, Personal Income is expected to decrease to 0.3% from the previous value of 0.4%, Chicago PMI report is expected to decrease to 62.2 from the previous figure of 66.2, and Natural Gas Storage is expected to reveal a smaller deficit to -37B from the previous figure of -46B. Moreover, FOMC Member Quarles is due to speak today about interest rate decisions and monetary policies. He is likely to be quite hawkish in nature. As of the current scenario, USD has mixed forecasts because of the upcoming economic reports and events. So, any positive readings of the economic reports will lead to gains on USD with an indication of further dominance over CHF in the coming days. Otherwise, CHF may take the lead further.
Now let us look at the technical chart. The price is currently residing below the 0.9860 price level having the dynamic level of 20 EMA holding the price as resistance. The price has been quite bullish recently which is expected to continue with the bearish trend if the price breaks below 0.9800 support area with a daily close with a target towards 0.9450. On the other hand, if the price remains above the 0.9800 support area, the bullish bias is expected to continue further and price may surge higher with a target towards 1.01 resistance area in the coming days.
The material has been provided by InstaForex Company – www.instaforex.com
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