Today, during the Asian session, the USD/CHF pair is growing slightly, consolidating after an active decline throughout the week, which led to an update of local lows since June 16.
On Thursday, the US currency received a strong impulse to new sales against the background of the publication of disappointing national macroeconomic statistics on the dynamics of GDP and initial applications for unemployment benefits. The data indicated a noticeable slowdown in the growth of the US economy, which, in turn, allows the US Federal Reserve to continue to maintain an ultra-soft monetary policy.
The focus of investors ' attention on Friday will be statistics from the United States on the dynamics of personal income and expenses for June. It is expected that expenses will show a noticeable increase, while the decline in income should slow down against the background of a moderate improvement in the labor market situation. In addition, during the day, the Chicago PMI index for July will be published, as well as the consumer confidence index from the University of Michigan for the same period.
Support and resistance levels
On the daily chart, the Bollinger bands are slightly decreasing within the forex forecast. The price range is actively expanding, but at the moment it does not have time for a surge of "bearish" sentiment. The MACD indicator is declining, maintaining a strong sell signal (the histogram is located below the signal line). The stochastic, having reached its minimum values, turned into a horizontal plane, indicating that the dollar is oversold in the ultra-short term.
Resistance levels: 0.9100, 0.9128, 0.9161, 0.9200.
Support levels: 0.9050, 0.9000, 0.8960.
Trading Scenarios
Thus, USD/CHF forecast dollar franc on August 2-3, 2021, long positions can be opened after a rebound from the 0.9050 level and a breakdown of the 0.9100 level up with a target of 0.9200. The stop loss is 0.9050. Implementation period: 2-3 days.
Short positions can be opened after the breakdown of the 0.9050 level down with a target of 0.8960. The stop loss is 0.9100.