On Thursday USD/CHF is testing the resistance of 0.9800, renewing the local highs of July 15. Nevertheless, there was no active strengthening of the dollar in the Asian session. Perhaps an increase of 75 basis points in the Fed rate in September has already been included in the prices of the trading instrument.
At the same time, investors are not in a hurry to open new positions before the report on the US labor market will be published on Friday, September 2. The day before the ADP employment report came out showing 132K new jobs against the forecast of 288K.
Today, Switzerland will release its consumer inflation report for August. It is expected to add 0.2% MoM and 3.4% YoY. Tomorrow the second quarter employment report will be released.
Technical analysis for the USD/CHF
Bollinger Band indicator on the daily chart shows a confident rise.
MACD indicator continues to rise above the zero line and holds a strong buy signal.
Stochastic Oscillator has entered the area of maximum values, but it keeps on growing.
If the "bulls" are able to consolidate above 0.9807, then we continue to form long positions with the next target at 0.9900. We will put a stop loss at 0.9750.
If the direction of movement changes, it is recommended to wait for a breakdown and fixation of the price below 0.9762. From here we will open sales with Take Profit at 0.9700. Stop-loss is set at 0.9807.