USD/CHF: dollar is strengthening

12 0
Current trend

US dollar showed quite stable growth against Swiss franc during yesterday’s trading continuing the development of corrective dynamics that has been formed at the beginning of the week. US currency is supported by technical factors, macroeconomic data, and positive expectations about the prospects of the Fed’s monetary policy .

Yesterday Jerome Powell, a member of FOMC suggested by Donald Trump for the position of the Fed’s head, made a speech and announced he was ready to stick to the Fed’s previous policy despite political risks and consequences. Powell also advocated for the increase of interest rates during the regulator’s December meeting and pointed out that arguments for this decision started to prevail.

Today investors will focus their attention on the block of macroeconomic statistics from the USA, but trading may also be influenced by Swiss releases. For example, ZEW economic expectations index for November will be published at 11:00 (GMT+2).

Support and resistance

Bollinger Bands in D1 chart show moderate reduction. The price range is narrowing. MACD indicator has reversed to growth forming a buy signal (the histogram is above the signal line). Stochastic preserves stable upward direction.

Resistance levels: 0.9849, 0.9873, 0.9900, 0.9943.

Support levels: 0.9825, 0.9800, 0.9779.

Trading tips

Long positions should be opened after the breakout of the levels of 0.9849, 0.9860 with targets at 0.9900, 0.9930 and stop-loss at 0.9820. The period of implementation is 2-3 days.

Moving away from the level of 0.9849 may be a signal for the opening of short positions with targets at 0.9800 or 0.9780 and stop-loss at 0.9875. The period of implementation is 2-3 days.
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